Fear of global slowdown as oil price soars

Stock markets around the world were braced for fresh falls today despite attempts by the G7 leading industrial nations and the International Monetary Fund to boost confidence after Friday’s plunge in share prices on Wall Street.The IMF’s key policy-making committee said at the weekend that the recent turmoil in financial markets would lead to slower growth and that “downside risks to the outlook have increased”.

On Friday, the 20th anniversary of the 1987 Black Monday market crash, Wall Street fell 367 points. Other exchanges that closed before the full extent of the New York slump are expected to open sharply weaker today.

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