Saturday, September 24, 2011

G20 leaders try to calm financial markets; Europe signals is will bring forward US$700 rescue fund to stablise Italy and Spain

By Business editor Peter Ryan

It's been another volatile night on financial markets despite assurances from policy makers that plans are afoot to avert a new economic shock.

Stocks in Europe and the US rebounded after wild swings, but only after the European Union said it was fast tracking the setup of a permanent rescue fund.

But global investors remained unconvinced and the selloff in risk exposed commodites continues as money pours in to the perceived safe havens of the US dollar and US treasury bonds.

G20 leaders meeting in Washington said they would take "all steps necessary" to calm financial markets pledging "collective and bold action".



Here's my analysis broadcast on the ABC's "AM" program.

video

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