World markets mixed after Fed’s historic rate cut

December 17, 2008 · By Adam · Filed Under General

World markets mixed after Fed’s historic rate cut

By LOUISE WATT Associated Press Writer

(AP:LONDON) World stock markets were mixed Wednesday after the U.S. Federal Reserve slashed its key interest rate to historic lows and as worries lingered about the world’s largest economy and a weakening dollar.

By afternoon in Europe, Britain’s FTSE 100 was up 0.19 percent to 4,317.41, while Germany’s DAX slipped 0.67 percent to 4,698.31. France’s CAC-40 dropped 0.33 percent to 3,240.95, with shares in BNP Paribas plunging around 16 percent after the bank revealed steep losses in investment banking.

U.S. stocks were expected to be lower after rallying on the Fed rate cut Tuesday. Dow Jones industrial average futures were down 1.28 percent to 8,777.00 and the broader Standard & Poor’s 500 index futures were down 1.44 percent to 899.70.