Starting the Week
11:54amMajor stock indices fell on Monday as fears intensified that America will enter, or has already entered, a recession. Asian stocks fared poorly. The FTSE 100 fell by more than 1% on Monday.
The price of crude oil is being hit by the rising concerns that the world economy will cool. Brent crude for March delivery dropped by 45 cents to $89.78 a barrel on London’s ICE exchange
The euro, which has been on a rising curve in recent months, fell sharply on Monday, dropping against the yen, the dollar and sterling.
On the corporate news front, the British government intends to acquire an “appropriate share” in potential upside equity returns from any recovery in Northern Rock, as part of the government’s plan for a private sector solution to the crisis that has hit the mortgage lender, according to the FT. Reuters reports that the government has set a two-week deadline for a private sector rescue of the company.
JC Flowers, the American private equity group, is considering a £4bn bid for Friends Provident, the FT says











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