Asian, European stock markets fall
Friday, 12 September 2008
LONDON, Sept 11 (AP): World stock markets fell Thursday as troubles at US investment bank Lehman Brothers fanned fears of more credit-market losses and drove down financial company shares across the region.
By afternoon in Europe, Britain's FTSE 100 had fallen 1.08 per cent to 5,308.40, Germany's DAX slipped 1.33 per cent to 6,127.72, and France's CAC 40 slid 1.22 per cent to 4,231.53.
"It does look as if the US market is likely to open on the downside," said Keith Bowman, an analyst at Hargreaves Lansdown Stockbrokers. "I think that's been the main point of weakness.
"The banks are down with investors still reflecting on the comments we had from Lehman yesterday," he added.
In Paris, BNP Paribas fell 2.99 per cent, Credit Agricole SA slumped 2.41 per cent and Societe Generale dropped 2.14 per cent. Shares in Insurer AXA plunged 3.89 per cent.
In Frankfurt, shares in Deutsche Bank AG fell 2.30 per cent after it confirmed late Wednesday that it is in "advanced discussions" with Deutsche Post about taking a stake in Postbank, Germany's biggest consumer retail bank.
In Asia, markets were down more steeply. Japan's key stock index sank to its lowest in nearly six months as investors dumped banks and brokerages. The Nikkei 225 closed down 1.98 per cent to 12,102.50 - its lowest closing level since March 18.
In Hong Kong, the Hang Seng Index shed 3.10 per cent to 19,388.72, its worst finish since March 20 last year. Heavyweight China Mobile, the world's largest mobile phone company by subscribers, hit a new intraday low for the year as it tanked 5.30 per cent.
In China, the Shanghai Composite Index fell 3.30 per cent on heavy selling in financials and property stocks. Benchmarks in Taiwan and Singapore also lost more than 3.0 per cent.
Elsewhere, India's Sensex lost 2.30 per cent and Australia's S&P/ASX 200 retreated 1.90 per cent.
Taiwan's benchmark swooned 3.20 per cent even though the government introduced a stimulus package to boost the struggling economy.
By afternoon in Europe, Britain's FTSE 100 had fallen 1.08 per cent to 5,308.40, Germany's DAX slipped 1.33 per cent to 6,127.72, and France's CAC 40 slid 1.22 per cent to 4,231.53.
"It does look as if the US market is likely to open on the downside," said Keith Bowman, an analyst at Hargreaves Lansdown Stockbrokers. "I think that's been the main point of weakness.
"The banks are down with investors still reflecting on the comments we had from Lehman yesterday," he added.
In Paris, BNP Paribas fell 2.99 per cent, Credit Agricole SA slumped 2.41 per cent and Societe Generale dropped 2.14 per cent. Shares in Insurer AXA plunged 3.89 per cent.
In Frankfurt, shares in Deutsche Bank AG fell 2.30 per cent after it confirmed late Wednesday that it is in "advanced discussions" with Deutsche Post about taking a stake in Postbank, Germany's biggest consumer retail bank.
In Asia, markets were down more steeply. Japan's key stock index sank to its lowest in nearly six months as investors dumped banks and brokerages. The Nikkei 225 closed down 1.98 per cent to 12,102.50 - its lowest closing level since March 18.
In Hong Kong, the Hang Seng Index shed 3.10 per cent to 19,388.72, its worst finish since March 20 last year. Heavyweight China Mobile, the world's largest mobile phone company by subscribers, hit a new intraday low for the year as it tanked 5.30 per cent.
In China, the Shanghai Composite Index fell 3.30 per cent on heavy selling in financials and property stocks. Benchmarks in Taiwan and Singapore also lost more than 3.0 per cent.
Elsewhere, India's Sensex lost 2.30 per cent and Australia's S&P/ASX 200 retreated 1.90 per cent.
Taiwan's benchmark swooned 3.20 per cent even though the government introduced a stimulus package to boost the struggling economy.