The UK news channel BBC reports today upon the global reaction to the current western financial crisis.
United Kingdom
In London, the Lehman Brothers’ bankruptcy not only saw Lehman’s UK employees clearing out their desks but also sent tremors thoughout the UK banking and finance community. Other financial scalps will also be taken by the credit resulting in a deepening sense of economic doom and subsequent loss of jobs. The splash generated by these events will send waves towards sectors such as restaurants, realty and car dealerships.
Japan
There is a palpable sense of unease about how Wall Street’s current state will affect the the Tokyo Stock Exchange.
China
Although being touted as the fastest growing economy on Earth, China’s growth is expected to slow down to around 9% by the end of the year. Although this is still healthy, in recent times China has been experiencing double figure growth.
India
Many Indian banks have not exposed themselves in the foreign markets in the same way that many Western banks have. As a result Finance Minister Chidambaram has publicly denounced any suggestions that India will feel the same credit problems that the US is currently facing.
Russia
Despite erratic trading over the course of last week, Russia has not experienced the same tumult as the US and UK markets.
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