Overnight Libor rockets

Overnight Libor shot up today as a tumultuous morning dented confidence in the interbank lending markets.

Libor for overnight US dollar loans increased to 3.94% from 2.37% yesterday. The euro rate rose from 4.26% to 4.49% and sterling moved from 5.07% to 5.83%.

Three-month dollar and sterling Libor also rose, from 4.29% to 4.32% and 6.27% to 6.28% respectively. Three-month euro Libor climbed slightly to 5.36% from 5.34% over the same period.

The Ted spread, which tracks the difference between three-month Libor and US Treasury bills, dropped to 3.71% at 1300 BST today, down from 3.81% yesterday. Used

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