Central banks co-ordinate rate cut efforts

Declines in world equity markets were accelerated dramatically in September. Recent market weakness means that the US, for example, has now experienced one of the worst bear markets in modern history. In terms of duration and magnitude of fall, only the 1972-74 period has been worse. Even before 11 September, markets had been falling as US and UK companies in particular gave negative guidance on future prospects. Compounding this was a rapid deterioration in consumer confidence ' one of the few previous bright spots in US economic activity. However, countering this gloom were the fi...