Markets shrug off rate cut Central banks around the world launched a co-ordinated cut in interest rates but the latest dramatic attempt to tackle the global financial crisis had a limited impact. The euro and sterling rallied on the news and Wall Street snapped a five-day slide but in Europe shares remained in negative territory.

IMF Predicts Major Global Slowdown Amid Financial Crisis The world economy is decelerating quickly—buffeted by an extraordinary financial shock and by still-high energy and commodity prices—and many advanced economies are close to or moving into recession, the IMF says in its latest World Economic Outlook.

Central Banks Coordinate Cut in Rates The world’s major central banks — including the Federal Reserve, the Bank of England and the European Central Bank — moved together to stanch the financial crisis.