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European stocks ended mixed Thursday as both the European Central Bank and Bank of England erred on the side of caution and kept their key interest rates unchanged.
Just as one of Asia's largestB/B>state owned investment agencies began operations with US$200bil under management on Saturday, European Central Bank (ECB) president Jean-Claude Trichet cautioned that the global economy may suffer if sovereign-wealth funds were not transparent.
European stocks rose Wednesday after a downbeat U.S. economic report fanned hopes that the Federal Reserve will lower interest rates in an effort to breathe life into the world's biggest economy.
European stocks fell Thursday relinquishing some of their gains as financial stocks saw a reversal led by Germany's Deutsche Bank which said its 3rd-quarter earnings would be hurt by market turbulence.
Stocks finished sharply lower Wednesday as a jittery Wall Street sold off on a report showing a large drop in pending home sales and read anecdotal data from the Federal Reserve's regional banks as offering little more assurance that an interest rate cut is likely.
Global financial turmoil prompted the Bank of Japan to hold rates yesterday and warn that the tremors would take time to settle, as stock markets climbed in spite of fresh strife stemming from the ravaged US home loan market.
Wall Street gave up a moderate gain in late trading and closed marginally lower Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.
European shares closed sharply higher Monday, with financials and miners back in favor after heavy selling late last week, as investors took heart from central banks' moves to calm money markets.
Some Malaysian and Asian markets recovered on Monday from a worldwide plunge set off last week by the U.S. subprime mortgage crisis.
The volatility in equity markets is transforming into a liquidity crisis which last week also hit the ordinaryinvestor when stock markets worldwide fell steeply. No one knows how wide and deep the crisis will spread.