Business

摘要

America's Federal Reserve cut its benchmark interest rate by 50 basis points, to 1%, its lowest level since June 2004. China's central bank also shaved interest rates for the third time in six weeks.rnAmerican consumer confidence plunged in October to reach the lowest point yet measured by the Conference Board, which started its index in 1967.rnAsian stockmarkets suffered another tumultuous week. The Nikkei average reached its lowest level in 26 years, with bank stocks coming under particular pressure. Investors were perturbed by the news that Mitsubishi ufj had to boost its capital by raising ￥990 billion ($10.7 billion) in a share offering. Japan's biggest bank recently agreed to take a 21% stake in Morgan Stanley for $9 billion, and paid $3.5 billion to take full control of Union Bank of California.