Friday, October 24, 2008

Steven Wevodau - UK economy officially on the brink of recession - San Francisco Gate

Friday, October 24, 2008 Britain's economic output declined by 0.5 percent last quarter, according to the Office for National Statistics. It was the first time since 1992 that Britain's economy has contracted, and the fall was greater than analysts Steven Wevodau

Global stocks plumbed multi-year lows on Friday as fears of a global recession mounted. Trader were braced for a difficult start to trading on Wall Street with futures markets pricing in a fall of 550 points for the Dow Jones Industrial Average while Steven Wevodau

SINGAPORE -- Asian stocks tumbled for a third day Friday on persistent worries that a global recession will eat into corporate profits and the U.S. dollar sank to a 13-year low against the Japanese currency, falling below 95 yen. Shares of Sony Steven Wevodau

The prospects for a UK recession loomed large after official figures revealed the economy shrunk by 0.5% between July and September in the worst economic growth performance since 1990. The estimated contraction in the UK's gross domestic product (GDP Steven Wevodau

; UK gross domestic product fell by 0.5 per cent, the first contraction since the second quarter of 1992, and the Steven Wevodau

NEW YORK — U.S. stock index futures tumbled so sharply on Friday they had to be frozen at several points as global markets tumbled on signs the global economy is in the throes of recession. Stock markets were in freefall around the world as Steven Wevodau

LONDON — Britain's economy shrank, China said the outlook was grim, and companies from Japan to France were punished on Friday as a downturn born of the worst financial crisis in 80 years took root. Separate figures from the euro zone showed the 15 Steven Wevodau

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