Europe Dives In Frenzied Trading - Forbes.com: "In Russia, the lower house of parliament, or the Duma, approved two anti-crisis packages worth $86.0 billion, including the availability of $50.0 billion of state money to the banking system and companies in need of refinancing their debt. The measures represent the latest efforts by the Kremlin to boost confidence in an ailing Russian market. The index of selected leading stocks on the MICEX exchange, where most of Russia's trading takes place, was up 11.6%, following the news."
LONDON - "European equities plunged on Friday morning, following panic selling in the Asia and adding pressure on the world's economic powers to tackle the global financial meltdown," writes Forbes today.
How bad is the situation in Russia? Oil prices are coming down from $150 to soon below $80 per barrel. That means much less money for the oil producers.