Voice of America, 7 October 2008

World markets are showing uncertainty again Tuesday, following Monday's major losses.

Stock markets in Europe opened higher, but quickly lost ground. However, at midday, they are up from closing Monday when markets in Europe suffered their worst one-day loss performance.

Asian markets lost early, but began gaining after Australia's central bank announced a larger than expected interest rate cut. Market analysts say investors are hoping other central banks will also cut interest rates in the hope of easing the tight credit market.

While Japan's key Nikkei index lost 3 percent Tuesday on top of a 4-percent drop Monday, Australian shares were up nearly 2 percent. Gains were also posted Tuesday in Taiwan, Singapore and South Korea, but down in China and India.

In the United States, the Dow Jones Industrial Average ended Monday down 3.5 percent, closing below the 10,000 mark for the first time in four years. U.S. index futures are fluctuating today between positive and negative ground.

Oil prices dropped to an eight-month low of less than $90 a barrel in New York trading Monday because of fears about the world economy.

U.S. President George Bush said investors need to give a $700 billion rescue plan for troubled financial institutions time to work. Investors are worried that the bailout, approved Friday in the United States, will not do enough to avert a global economic crisis.