The effect of the terrorist attacks in the US on both share prices and world economic growth took second place in the minds of Dublin fund managers and traders to the massive human tragedy involved.
As news of the carnage at the World Trade Centre unfolded, dealers and financial services personnel spoke of their clients and friends who worked at offices in the twin towers.
One stunned stockbroker who did not want to be named said: "It is a black day. We watched it unfold on our screens as the planes crashed into the buildings and they collapsed. It was like watching a horror film. Our dealers are shell-shocked. They know many of the people working in those buildings who may now be dead. They heard of people jumping out windows. These were people they knew intimately, friends, even relations. The first reaction here was a massive sense of personal loss before we even thought about its impact on the stock market," he said.
Another broker said "virtually everybody in stockbroking in Dublin has been over in the World Trade Centre to visit the fund managers there who invest in the Irish market. So at a personal level most of us will know some of the people who have been killed or injured and it is very shocking. It is hard to make any sense of it. There would have been a number of Irish people working in offices in those buildings too, including young graduates over to get market experience," he said.
Operations with offices in the twin towers included Morgan Stanley, Credit Suisse First Boston, CommerzBank, Deutsche Bank and Keefe Bruyette.
In the aftermath of the attack, world stock markets fell by between 6 and 10 per cent with insurance and airline shares suffering most and energy shares upon concerns about shortages. Pushed on the outlook for the markets, some stockbrokers suggested this could be the catalyst to push the US into recession. One broker expressed concern about European and other economies "given the powerhouse position of the US".
Another commented: "It is difficult to make rational judgments today. It is too emotional. We will have to wait and see how the US reacts because that will have consequences as well, and could even push up US shares".
Another broker commented that a sustained higher oil price would have a negative effect on economic growth and inflation would be pushed up. Initially a flight to safely in gold and the Swiss franc is expected.
But while the attacks are black news in the short term for already jumpy stock markets it is still too early to gauge the longer-term impact. Much will depend on how the US reacts - how quickly the perpetrators can be identified, who they are and what retaliation the US will apply.
At the very least any confidence that the US could be in a position to boost world economies in the final quarter of the year is now very badly shaken.
