September 4, 2007: London Interbank Offered Rate or *Libor rate rises to 6.7975%, highest since December 1998. (*It is the rate of interest at which banks offer to lend money to one another).
Bank of China reveals $9bn in sub-prime losses but Chinese government said its foreign exchange reserves will not be affected
The Sensex ended September 5 with a marginal loss of 19 points at 15,446. The NSE Nifty ended at 4,476, down 3 points.
September 14, 2007: British bank, Northern Rock, which relied heavily on the markets, rather than savers' deposits to fund its mortgage lending asked for and was granted emergency financial support from the Bank of England. The bank is now owned by the UK government.
On September 17 the Index closed with a loss of 99 points at 15,504.
September 18, 2007: The US Federal Reserve cut its main interest rate by half a percentage point for the first time in four years, to 4.75 per cent, a move that resulted in a strong rally across the globe.
On September 19, the Sensex ended with its biggest-ever single-day gain of 654 points at 16,323. The Nifty gained 186 points to close at 4,732.
September 19, 2007: The Bank of England announces that it will auction pound 10 billion.
The Sensex gained 25 points at 16,348 on September 20. The Nifty gained 15 points to close at 4,748.
Image: Northern Rock branch in Northumberland Street | Photograph: Getty Images
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