In depth coverage of Global Financial Crisis from Business Today
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Global Financial Crisis

The Dow Jones industrial average dropped 162.87 points and closed at 12,021.39 as initial enthusiasm about last week's EU compact faded.

 
 
Following losses in Asia and an early retreat in Europe, market concerns appear to have dissipated somewhat.
The move on Wednesday was "an expression of its concerns about the potential impact on the future debt service capacity of eurozone sovereigns".
Obama and Merkel spoke Wednesday afternoon, continuing their ongoing consultations on the financial situation in the Eurozone, the White House said in a statement.
 
 
Japan's Nikkei 225 fell 0.7 per cent to 8,664.58, dragged down by weaker-than-expected machinery orders. South Korea's Kospi lost 0.4 per cent to 1,912.39.
With 299 lawmakers present, 258 voted in favour of the budget while 41 voted against.
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