Would you call as listed below...A Vote of Confidence to INVEST ?
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"No-one knows what to make of the world. The whole nature of the financial system and regulation is changing. Everyone is running around in circles not knowing what to do," said Jim Wood-Smith, head of research at brokerage Williams de Broe.
"Investors are still reacting to the enormous gains last Friday and the rise in the oil price Monday, whether it is too premature to write off inflation and whether or not the economic scenario could get worse. I think it is also a bit of profit taking," said Wood-Smith.
Bernanke told the U.S. Congress that financial markets are under severe stress and urged immediate action to buy up hundreds of billions of dollars worth of tainted mortgage assets.
Investors were awaiting more details of Washington's $700 billion bailout plan as U.S. Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke start two days of congressional hearings to hasten approval of the plan, aimed at purging banks of bad mortgage-related debt and tackling the U.S. housing crisis.
There has been increasing nervousness about how Washington's plan can restore confidence in the U.S. financial system when the economy may be facing a recession.
Underlining concerns over growth, data on Tuesday showed that Euro zone services and manufacturing activity contracted for a fourth consecutive month in September, pointing to an economy at best in stagnation even though the figures beat expectations.