More Losses Overseas

By: Associated Press Email
By: Associated Press Email
European stock markets are showing further declines.

A Japanese businessman looks back a digital stock indicator in Tokyo Monday, Oct. 6, 2008. Japanese stocks sank Monday to their lowest finish in nearly five years on growing worries about a global economic slump despite the passage of a U.S. financial bailout package. The benchmark Nikkei 225 index lost 465.05 points, or 4.25 percent, to close at 10,473.09 _ its lowest finish since February 2004. (AP Photo/Koji Sasahara)

London (AP)

The selloff comes on the heels of massive losses on Wall Street and Asia. And it comes amid mounting fears that this week's efforts by central banks and governments to break the logjam in credit markets have failed to ease lending rates between banks.

Trading has been suspended for various times in Austria, Russia, Iceland and elsewhere.

Despite the coordinated interest rate reductions announced on Wednesday, the rates banks charge to lend to each other continue to rise.

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