The Russian government’s $100bn-plus financial rescue plan has won a better reception from investors than Washington’s $700bn proposal. Inter-bank lending rates have dropped sharply from last week’s crisis levels and the rouble has recovered some lost ground. But, as Tuesday’s Moscow stock market decline shows, the mood remains nervous with investors worried about financial stability in both Russia and the US.

The authorities on Tuesday confirmed the first rescue of a commercial bank (the small Svyaz Bank). The move followed a decision by Renaissance Capital, the big local investment bank, to sell a 50 per cent stake to a friendly oligarch at a knock-down price.