Asian, European mkts plunge on crisis fears
Tuesday, 7 October 2008
LONDON, Oct 6 (AP): Asian and European stock markets plunged Monday as government bank bailouts in the US and Europe failed to alleviate fears that the global financial crisis would depress world economic growth.
Investors took scant comfort from Washington's passage of a US$700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry Friday because of the uncertainty still hanging over the details of the deal and the degree to which it will help.
Britain's benchmark stock index, the FTSE 100, lost 220.11 to 4,760.14 - a 4.42 per cent fall. The declines were led by the banking industry, with the mining and oil industries also suffering drops. HBOS PLC's share price dropped 15.70 per cent, while the Royal Bank of Scotland Group PLC fell 13.60 per cent.
Germany's DAX index fell 4.22 per cent to 5,552.27. France's CAC-40 index dropped 4.85 per cent to 3,882.81. In Russia, the RTS stock index tumbled more than 7.0 per cent in first 20 minutes of trading.
Across Asia, all markets were also in the red. Tokyo's Nikkei 225 index fell to its lowest level in four and half year, sinking 4.25 per cent to 10,473.09.
In Russia, the RTS stock index tumbled more than 7.0 per cent in first 20 minutes of trading.
Investors took scant comfort from Washington's passage of a US$700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry Friday because of the uncertainty still hanging over the details of the deal and the degree to which it will help.
Britain's benchmark stock index, the FTSE 100, lost 220.11 to 4,760.14 - a 4.42 per cent fall. The declines were led by the banking industry, with the mining and oil industries also suffering drops. HBOS PLC's share price dropped 15.70 per cent, while the Royal Bank of Scotland Group PLC fell 13.60 per cent.
Germany's DAX index fell 4.22 per cent to 5,552.27. France's CAC-40 index dropped 4.85 per cent to 3,882.81. In Russia, the RTS stock index tumbled more than 7.0 per cent in first 20 minutes of trading.
Across Asia, all markets were also in the red. Tokyo's Nikkei 225 index fell to its lowest level in four and half year, sinking 4.25 per cent to 10,473.09.
In Russia, the RTS stock index tumbled more than 7.0 per cent in first 20 minutes of trading.