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Markets edge up after stocks plunge 3pc on week

Monday 25th January 2010
By Mike Jones

Global stock indexes fell more than 3% last week as markets reacted to the announcement by US President Barack Obama to limit risk-taking by banks.

Fears that the proposals would cut profits and possible uncertainty about Ben Bernanke taking another term as Federal Reserve chairman saw US stocks record their worst three-day slide in 10 months.

However, UK losses appear to have stopped this morning as the FTSE moved into positive territory in early trading, rising 5 points to 5308, with major banking stocks which had all been hit hard last week now starting to edge upwards.

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