European stock exchanges hammered again

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European stock exchanges sustained major losses once again on Wednesday. In a highly volatile day's trading, a positive start was reversed by news of damaging losses on Wall Street.

In Amsterdam the AEX index was down 3.4 percent at close. In London the FTSE lost three percent.

The day started well in response to the announcement by the Federal Reserve that interests rates in the United States would stay extremely low until at least 2013. The good mood evaporated when it became clear that the New York exchanges were heading downwards again.

There were also rumours that France's credit rating was about to be downgraded.

The euro fell to 1.4175 US dollars, compared with 1.4230 at the end of trading on Tuesday.

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