“It’s a bear-market rally because we have not yet turned the economy around. This is not a financial crisis like all the other financial crises that we have experienced in our lifetime.”
George Soros, the billionaire financier, helped unsettle markets by voicing fears that share prices had further to fall. In an interview, he said: “It’s a bear-market rally because we have not yet turned the economy around. This is not a financial crisis like all the other financial crises that we have experienced in our lifetime.”
Markets across the world slid as a raft of bad news stalled the powerful rally that has fuelled optimism for over a month. In Britain, fresh concerns over bank stability and oil prices pushed the FTSE 100 index down 63 points, or 1.6pc, at 3930.5.
The Dow dipped 2.3pc to 2789.6 on fresh concerns that the bank bail-out would not stabilise US lenders and after a report showed that chief executives’ confidence in the economy had fallen in the past few months.
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