Central Banks,Equities,EU: Equities Real Time News items

• UPDATE: SNB Cuts Interest Rates for 4th Time in Three MonthsPosted:10/07/2009 23:35 GMT by NeedToKnowNews
  The Swiss National Bank (SNB) cut interest rates by 50 basis points, the fourth time it's reduced rates since October. The 50-bps cut was smaller than its last three prior cuts, but was accompanied with a gloomy assessment of the international economic picture. In the bank's announcement, it said that the international financial markets have "worsened since September," and that the Swiss economy will "be heavily affected by these developments." The Swiss franc immediately weakened, wtih the dollar rising to the 1.20 handle, with resistance at 1.2040. The euro/Swiss franc rose to 1.5651. European stock markets, which had opened lower, shed even more, with selling gaining momentum to push Germany's DAX down 1.8%. 
• Most European Stocks Edge Lower After SNB Cuts Rates AgainPosted:18/07/2009 9:23 GMT by NeedToKnowNews
  Germany's DAX is now down 1.15%, widening losses after the Swiss National Bank cut rates by 50 basis points. The FTSE 100 is off 0.8%.
• Global Stock Markets Rally on Emergency Coordinated Rate CutsPosted:18/07/2009 11:52 GMT by NeedToKnowNews
  Global stock markets rallied after central banks around the world lowered borrowing costs in an emergency move to shore up the capital markets. The US Federal Reserve lowered both the Fed funds and discount rates each by 50 basis points, with Bank of England policy makers also cutting the UK's key lending rate by 50 basis points on the first day of their two-day meeting. This is the first time the BOE has cut rates by 50 bps in about six years. The ECB also cut rates for the first time in five years after only last week leaving its benchmark refinancing rate unchanged. London's FTSE 100 immediately rallied off lows and is now down only 24 points, while the US stock index futures markets trimmed losses in overnight electronic trade and are now higher. The lead Dow futures contract is now up 23 points at 9,562, the S&P contract is up 8.60 points, while the Nasdaq composite rose 5 points. Crude oil markets cut losses in half on the news. US light, sweet crude futures were down more than $2.50 before the joint bank annoucement, and is now off $1.76 at $88.30. Brent crude oil futures are now off $1.90 at $82.76. The Swiss National Bank, Sweden's Riksbank, the Bank of Canada and the People's Bank of China all cut their lending rates.