September 29, 2008

Still spooked

By: David Donadio

Isn’t this what the agreement on the $700 billion bailout was supposed to prevent?

PARIS — European and Asian stocks declined Monday, as the agreement on the $700 billion American plan to rescue Wall Street failed to improve investor confidence or stimulate inter-bank lending.

Sentiment in Europe was not improved by government bailouts of several banks, including the British lender Bradford & Bingley and the Belgian-Dutch financial group Fortis.

If anything, the moves created uncertainty about which institution would be next, said Jean Bruneau, head of sales trading at Société Générale in Paris.

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