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Bank Of America Corp (BAC) Financial News - WRAPUP 2-Market rout deepens global economic crisis

Bank Of America Corp (BAC)

WRAPUP 2-Market rout deepens global economic crisis

Quote: Tue Aug 9, 2011 6:30am EDT (Updates markets, adds UK data, edits throughout) * Fear grips Asian and European markets after Wall Street plunge * China inflation above expectations, headache for central bank * Obama says S&P action adds urgency to deficit cutting * Pressure mounts on Fed to stimulate U.S. economy By Koh Gui Qing and John Chalmers BEIJING/SINGAPORE, Aug 9 (Reuters) - The global economy stumbled deeper into crisis as stock markets slumped further on Tuesday, with investors losing confidence that the United States and Europe can rein in their debt burdens quickly and avert a double-dip recession. Even as Asian equity markets pulled back from another day of staggering losses as they closed, European shares tumbled for an eighth session running, with news of an unexpected drop in British factory output in June highlighting the weakness of the economy. The worsening market trauma has piled pressure onthe U.S. Federal Reserve to announce fresh measures of support for the U.S. economy at a regular policy meeting on Tuesday, but analysts said its options are limited. "You have got to a situation of capitulation and panic selling, and these things will keep running until we get some sort of policy response," said Peter Hickson, managing director of global commodity research at UBS. "Even policy response these days seems to be impotent in terms of the market sentiment at the moment. The market is asking whether policymakers have many more bullets to fire." Investors fear that, with confidence in the global economy's prospects evaporating, financial markets will remain in a slump, feeding a vicious circle of pessimism. As of Monday, stock losses had wiped some $3.8 tr...
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