9th August 2011
From the Wall Street Journal, Why This Crisis Differs From the 2008 Version
In the New York Times, the stock market resumed its free fall Monday on mounting fears about the stalling economy and worries that the government had few options to increase growth, dual concerns that overshadowed the downgrade of long-term United States government debt.
Some good news about the falling the stock markets from the Financial Times, oil prices fell below the psychologically significant $100 a barrel level for the first time in six months on Tuesday as the sell-off in commodities markets gathered pace amid concerns about a slowdown in global economic growth.
In the BBC News, inflation in China was higher than expected in July, despite a series of efforts by the government to rein in prices.
The Guardian is discussing how the London riots may affect the UK economy, the weekend's riots and looting may have serious repercussions on long-term efforts to regenerate some of London's struggling high streets, business leaders have warned.
House prices are still falling according to the Telegraph, house prices are still falling, the Royal Institute of Chartered Surveyors (RICs) reports today, wiping a total of £250bn off homeowners' wealth since the beginning of the credit crisis, according to the Council of Mortgage Lenders (CML).
More bad news for the UK economy from the BBC News, high Street sales rose in July, but trading remains tough, according to a British Retail Consortium survey.
In the Telegraph, growth in the UK has deteriorated for a sixth month running and the recovery across the world has peaked, according to the Organisation for Economic Co-operation and Development (OECD).
And from Reuters, factory output fell unexpectedly in June, official data showed on Tuesday, highlighting the fragility of the country's economic recovery.
Shares in Bank of America (BofA), one of the largest high-street banks in the US and the owner of the investment bank Merrill Lynch, plunged by almost a fifth amid fears the company will have to raise more money to cope with mounting legal problems, reports the Indpendent.
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