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Shares prices in the U.S. and Europe swung wildly today as the chairman of the Federal Reserve, Ben Bernanke, signalled that the U.S. central bank will not take any immediate action to boost growth.Despite figures today that showed the U.S. economy grew less than thought in the second quarter, Mr Bernanke simply said the Fed had a 'range of tools that could be used to provide additional monetary stimulus'.World stock markets were well in the red after figures from the Commerce Department showed that the world's biggest economy expanded at an annual rate of 1% between April and March, down from a first estimate of 1.3%.The downgrade added to fears that the U.S. is on the verge of dropping back into recession and raised expectations that Bernanke would outline a new stimulus package tonight to kick-start recovery in the U.S.
Despite declining to flag up more quantitative easing in his Jackson Hole speech, Bernanke left the door open to Fed action and the Dow Jones recovered to stand 44 points at 11,194.

Seeing red: German shares fell 4 per cent in 15 minutes yesterday and are down nearly 25 per cent this monthEuropean stocks meanwhile pared their losses with the FTSE 100 just 7.1 points down at 5,123.9. Germany's Dax was 1% down and the French CAC 1.2%.
Mr Bernanke said that while record-low interest rates will promote growth over time, the weak economy requires further help in the short run, hinting that the Government needs to do more to help.'It is clear the recovery from the crisis has been much less robust than we had hoped,' he said.'The growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years," Bernanke added.'The economic healing will take a while, and there may be setbacks along the way. However ... the healing process should not leave major scars.'The market falls continue the trend from
yesterday when nervous investors dumped shares after recent gains as
debt woes in the eurozone resurfaced.The German stock market bore the brunt of the pain and plunged 4 per cent in just 15 minutes of panic selling in Frankfurt.  




It was sparked by wild rumours that Germany would be stripped of its AAA credit rating and was planning to ban short-selling.points to 5131.10 in London.Nobel-prize winning economist Joseph Stiglitz said the chances of the U.S. economy going back into recession are ‘very high’.‘The unemployment situation is very severe and very probably going to get worse,’ he said. ‘There’s a very high probability we’ll go into double dip.’The Dax eventually lost 1.71 per cent yesterday and has lost nearly a quarter of its value this month alone.
 



FTSE OUTLOOK: Stocks flat ahead of Bernanke's Jackson Hole speech; revised GDP due

Joshua Raymond, chief market strategist at City Index, said: ‘The moves emphasise just how much sensitivity remains.’The U.S. lost its AAA credit rating early this month and Japan was downgraded on Wednesday. Hedge fund Cairn Capital said France is likely to be next followed by Germany because both countries must pick up the tab for shoring up the eurozone. Greek borrowing costs hit a new high as its latest bailout threatened to unravel.The ratings agencies confirmed Berlin’s credit rating and Germany denied it was preparing to ban short selling – a way traders profit from falling share prices.But Italy, France, Spain and Belgium last night extended their short-selling bans in a bid to cushion bank stocks from the debt meltdown.