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Spanish house sales drop sharply

Mortgage lending plunged by 33.2% to 10.2bn euros ($14.9bn; £8.1bn), said Spain's National Statistics Institute.

Morgan Stanley, the big Wall Street bank, saw its share price dive by more than 25% on the New York Stock Exchange last night as a ban on short-selling expired and concern grew that the company may be unable to survive the global credit crisis.

Morgan Stanley transformed itself into the fifth-biggest bank-holding company and agreed to sell more than 20% to Japanese-based Mitsubishi UFJ Financial Group for $9bn (£5bn) in an effort to win the confidence of investors and clients.

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