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FT.com / Markets - Global overview: Enthusiasm for intervention wanes

Global equities were hit by a fresh wave of selling on Thursday, although Wall Street stemmed the tide in late trade, as investors turned sceptical about concerted central bank action to ease money market pressures.

Analysts said there had been serious disappointment that the co-ordinated assault on the credit squeeze had resulted in only a modest fall in interbank lending rates.

The latest batch of US economic data added to the uncertainty as they appeared - on the surface at least - to strengthen the case for official US interest rates to be left on hold.

In the money markets, the one-month dollar Libor rate was fixed at 5.03 per cent, down only marginally from Wednesday's 5.10 per cent. "Not much of a reaction to an announced $60bn of funding," said Jonathan Loynes at Capital Economics.

One-month euro Libor eased just 1 basis point, although that was the first decline in 11 sessions.

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Fri Dec 14th, 2007 at 12:59:01 AM EST
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