The World Bank proposed up to US$12 billion package; the IMF pledged US$50 billion; China will allocate US$16 billion; USA agreed on an US$8.3 billion package; South Korea unveiled US$13.7 billion package. Central banks in some countries have followed the Fed in cutting rates. All of these, however, failed to impress market participants. Dow Jones Industrial Average (DJIA) lost 3% in the opening hour Thursday, while major stock markets in Europe declined more than 2% on average.To subscribe please click here
