Markets fear worst is yet to come as shares plunge after bank's collapse

[Legal Beagles]

The FTSE 100 is at a two-year low; the US Federal Reserve has announced an emergency cut in interest rates and taken over $30bn of Bear Stearns' assets; the dollar has flopped to an all-time low against the euro, and hit a 12-year low against the yen; the Bank of England saw fit to lend a further £5bn to the banks; the Mumbai stock market was down 6 per cent yesterday, Hong Kong fell 5 per cent and Frankfurt 4 per cent. Even President George Bush admitted: "We are in challenging times".


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