Financial Markets Reel In Wake Of US Attacks

Wednesday, 12 September 2001, 5:37 am
Article: Alastair Thompson

Already struggling financial markets around the world have taken a battering in the wake of two massive suspected terrorist attacks in the USA.

While the attacks came before Wall Street markets had opened - and Wall Street has now been closed for the day - European markets were open during the attacks and reacted very badly to the news.

As of 5am NZT the following was the state of selected share markets around the globe.

Germany – down 3.3%
UK – down 5.7%
France – down 7.4%
Netherlands – down 7%
Switzerland – down 7%
Brazil – down 9%
Canada – down 4%
Mexico – down 5.5%

The New Zealand market will be the first of the Asia Pacific markets to open in a little over four hours time.

Shortly after the attacks gold prices were up $13 on yesterday’s levels.

Meanwhile Bloomberg news reports that Brent crude oil for October settlement rose as much as $3.60, or 13.1 percent, to $31.05 a barrel on the International Petroleum Exchange following news of the attacks.

This is the biggest one-day gain in oil prices since March 23, 1998. Oil last fetched more than $31 a barrel in December 2000.

© Scoop Media

Alastair Thompson

Scoop Publisher

Alastair Thompson is the co-founder of Scoop. He is of Scottish and Irish extraction and from Wellington, New Zealand. Alastair has 24 years experience in the media, at the Dominion, National Business Review, North & South magazine, Straight Furrow newspaper and online since 1997. He is the winner of several journalism awards for business and investigative work.

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