Feb 8, 2008

Europe and US cuts rates amidst more bad news

The interest rate cut and looming chop in Europe, plus the cuts in the US and Canada show just how out of step we are here after this week's rise and strong hints of at least another one to come, writes Glenn Dyer.

Wall Street finished with modest gains after Europe fell, so you’d expect there to be a solid reason for the confidence. And our market followed with an 80 point gain in early trading.

Well, Europe fell because the European Central Bank changed tack on interest rates and left the impression that the next move would be a cut, following the Bank of England which cut rates overnight by 0.25% to 5.25%.

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