Markets plunge, interbank rates rise despite cut

The unprecedented half-point coordinated rate cut by six of the most powerful central banks on Wednesday has done little to abate the panic in global equity and interbank markets.

All of the key indices in Asia and Europe closed down, with the Nikkei 225 index of leading shares listed in Tokyo falling almost 10% for the second successive day.

The performance of the Dow Jones Industrial Average of leading shares listed in New York was volatile, dipping below 8,000 soon after the opening bell b