Almost a 3 percent drop was noted in Dow Jones and Nasdaq indexes while London’s FTSE 100 index sank about 2.5% .Similarly, French and German markets each lost around 3%.

The results came forward when US data suggested mounting unemployment claims and sluggish shop sales.

The European Central Bank has shown 1.5% growth forecast in 2009, but now it cuts to 1.2%.

In the US, the jitters prompted after an ADP Employer Service report that showed 33,000 jobs cut during August. Weak sales during closely-watched back-to-school period also became the cause of anxiety in economic activities. …read the rest of this entry»

Because of the stricken US economy and the falling dollar, Mexicans are sending less money to their homes.

According to Mexico’s central bank, the sharpest fall was recorded in remittances during July that was 6.9% down compared to the same period last year.

Besides oil revenues, remittances are counted Mexico’s second largest legal source of foreign income. …read the rest of this entry»