Markets stuck in downward spiral despite rate cut

As widely expected, the markets have continued to slide in the wake of the Federal Reserve's decision to cut the US base rates to 5%. Anyone thinking a cut in US interest rates could turn around the desperately woeful markets must be living in cloud cuckoo land. The markets would respond much more keenly to a few more announcements like that from Nokia last week. The telecom group actually said it would meet profit expectations and there aren't many firms saying that right now. With the US markets closing lower yesterday the UK's benchmark FTSE 100 at one stage was down 2%, the Techm...