Stocks Fall Despite US Rate Cut

European stock markets are down following US and Asian falls, which came despite yesterday's US rate cut. The Fed's cut from 4.5% to 4.25% had been expected by the markets but many of them were hoping for a bigger reduction to help them out. The Federal Reserve also warned about the intensification of the housing correction and some softening in business and consumer spending. I've heard people are more worried about money and doing more shopping for Christmas at discount stores rather than high end stores, so this makes a difference too.