Munich Re, the world’s biggest reinsurer, says it expects stable rates for its property and casualty reinsurance at January price negotiations.

US stocks sank the most since December 2008 yesterday, while Treasuries rallied and gold surged to a record, as Standard & Poor’s reduction of the nation’s credit rating fuelled concern the economic slowdown will worsen.

Stocks in the United States finished a quiet session little changed today as investors’ anticipation of the Federal Reserve’s decision on interest rates muted their reaction to lower oil prices and a trio of acquisitions.

Procter & Gamble is buying razor and battery maker Gillette for about $57bn (€43.7bn) in a stock deal that would create the world’s largest stable of consumer products, the companies have announced.

AIB’S US bolt-hole, following the Allfirst rogue trader disaster, M&T Bank Corp is set to deliver earnings of close to €285 million next year — way ahead of anything a retained Allfirst would have generated.