London riots almost overshadow world markets

GENEVA, SWITZERLAND – The spread of London’s riots to more parts of the city and to other cities is the headline news Tuesday 9 August, not just in the UK but in most English-speaking countries, overtaking news of stock markets diving and the continuing fall of the dollar and the euro in currency markets. London’s Met Police are reported to be delivering people who are arrested to jails outside the city because it’s own are filled.

Stock markets:Carlos Slim, the world’s richest man, is calculated by Bloomberg to have lost $6.7 billion in the past week as markets dived amidst gloomy debt and credit rating news in the US and Europe. Wall Street fell more than 6 percent in trading Monday, the first day of trading post-Moody’s credit downgrading, and Asian markets continued their downward spiral Tuesday before easing, with the Swiss franc holding strong ($1.32 and euro.93) in what Reuters describes as “a global rout triggered by fears that political leaders are failing to tackle debt crises in Europe and the United States.” Bloomberg notes that Asian markets responded positively to talk of the US Federal Reserve intervening.

Links to other sites: BBC, Bloomberg, The Globe & Mail, Guardian, Irish Times, Sydney Morning Herald