London’s FTSE index crashed to an 18 month low amid fears of an American recession, following US President, George Bush’s speech last week in which he spoke of a stimulus package of $140 billion to prop up the US economy.
There was concern last week that the proposal was not enough, and having dwelt on it over the weekend most brokers are suggesting that this is indeed the case, with investors concluding that the package was not enough to insulate the US from recession.
In London £77 billion was wiped off of Blue chip share values this morning, following the trend that started in the Asian markets and continued throughout Europe.
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