ECB COULD FOLLOW FED ON RATES - Records being broken all over the place. The barrel of oil is at a new high of $82 and the dollar is at a new low against the euro, hovering at just under $1.40.
There's also a dizziness on world equity markets that has not been for quite a while.
This is all to do with that decision by the US central bank, the Federal Reserve, to slash interest rates by a half-point last night.
Pramit Ghose, head of investment strategy at Bloxham Stockbrokers, said he was surprised by the size of the cut. He said the move suggested the Fed was taking the liquidity crisis in the banking sector very seriously and was worried about the possibility of a US recession next year sparked by a housing slump.
He said stock markets should rally over the next couple of days on the back of the move, describing recent falls on the Irish market as 'horrendous'.
Mr Ghose said he believed the European Central Bank would not raise rates again this year, and could start to signal cuts next year. He added that the Federal Reserve would not have made its decision without 'having a chat with its friends around the world'.
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NEWS IN BRIEF - Eircom has sold its radio masts for €155m. It plans to use the money to invest in areas like broadband, no harm that. The masts have been bought by a consortium known as TowerCom.
Dublin-listed company Newcourt, which is involved in areas such as security, recruitment and student accommodation, has reported pre-tax profits of €5.2m for the first half of this year.
