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The passing of the $700 billion US banking bailout bill on Friday has failed to boost the global financial markets.
After the House of Representatives voted in favor of the revised rescue plan, Investor's Business Daily reported that concerns about the economy meant that stocks continued to be sold off on Wall Street, with uncertainty as to how the bailout will be implemented also causing worry.
The decline in share prices continued on Monday in Asia and Europe, with markets in Taipei, Hong Kong and London all down significantly on the week before.
UK newspaper the Guardian claimed the day had been dubbed "another meltdown Monday" by dealers, as the FTSE 100 dropped six percent by mid-morning, local time.
MF Global Spreads' Manus Cranny told the publication that the limited actions taken by European governments over the weekend to stem the financial crisis have made it difficult to foresee the markets recovering in the near future.
"The lack of any significant concerted action after this weekend's meeting of European leaders means it will be very hard to turn sentiment around," he remarked, while predicting that Monday's trading would be "very difficult".
In Focus: $700 bn bailout fails to lift markets
The passing of the $700 billion US banking bailout bill on Friday has failed to boost the global financial markets.After the House of Representatives voted in favor of the revised rescue plan, Investor's Business Daily reported that concerns about the economy meant that stocks continued to be sold off on Wall Street, with uncertainty as to how the bailout will be implemented also causing worry.
The decline in share prices continued on Monday in Asia and Europe, with markets in Taipei, Hong Kong and London all down significantly on the week before.
UK newspaper the Guardian claimed the day had been dubbed "another meltdown Monday" by dealers, as the FTSE 100 dropped six percent by mid-morning, local time.
MF Global Spreads' Manus Cranny told the publication that the limited actions taken by European governments over the weekend to stem the financial crisis have made it difficult to foresee the markets recovering in the near future.
"The lack of any significant concerted action after this weekend's meeting of European leaders means it will be very hard to turn sentiment around," he remarked, while predicting that Monday's trading would be "very difficult".
