07/10/2008 10:44. Central banks around the world announced massive and immediate injections of funds in an attempt to calm financial market turmoil and unblock moneymarkets.

Markets slump Shares fell across the globe as the financial turmoil intensified. The FTSE 100 tumbled by 7.8 per cent, the third-biggest fall on record, to close at 4,589.2 points. The Dow Jones industrial average fell 3.6 per cent to close below 10,000 points for the first time in four years at 9955.5. The pan-European FTSEurofirst 300 index fell 7.8 per cent to close at 1,004.90 points, a bigger fall than the 6.3 per cent decline on September 11, 2001.

Oil dropped more than $5, dipping below $89 a barrel amid expectations that the financial crisis will curb demand for fuel. US crude fell to $88.57 a barrel before rising slightly,... // Times Online