Northern Rock's impact
In the markets this morning, investors are digesting the impact of the news that the Bank of England has given emergency financial support to Britain’s fifth-largest mortgage lender, Northern Rock. Shares in the lender plunged by more than a quarter on Friday.
Sterling has fallen to the lowest level against euro in 14 months, hit by concerns about Northern Rock, Bloomberg says. The euro has also been strong against a number of other major currencies, including the dollar.
The Financial Times says new data showing a slowing UK housing market has also hit sterling’s value
Shares fell in Europe; the Dow Jones Euro Stoxx 600 of leading European equities fell by more than 1%
US crude oil futures closed above $80 a barrel on Thursday; Brent crude is down about 50 cents at $77.4 a barrel.
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