World financial markets have been thrown into chaos after terrorist attacks hit at the heart of the New York’s financial district and the Pentagon in Washington DC.
Billions of dollars were wiped off the value of shares in the financial markets with only oil prices soaring before trading was suspended the world.
In London, trading on the London Stock Exchange was suspended as the City’s main commercial buildings were evacuated. Leading indices plunged when news of the attacks broke on trading screens across the world.
The FTSE-100 fell 274 points or 5.5 per cent; the German Dax shed 412 points or 8.8 per cent; and in Dublin the ISEQ was off 247 points at 5,329 before trade was halted.
Oil prices surged as suspicion for the attacks moved to the Middle East, dealers in London said. Brent crude oil futures surged shortly after the explosions.
By 3 p.m. the dollar plummeted to $0.9025 against the euro.
Sterling also suffered heavy falls as investors piled into the save haven of cash and bonds. Dealers in Dublin said this afternoon that the Swiss franc was in heavy demand as it is seen as a neutral currency.
The Israeli shekel hit a new low at 4.398 to the US dollar following the terrorist attacks.
The Israeli shekel had opened at 4.305 in the morning.