European shares fall heavily
Wednesday, 20 August 2008
LONDON, Aug 19 (Agencies): Europe's main stock markets dived Tuesday as global equities were haunted once again by worries about the credit crunch and fresh US financial turmoil, dealers said.
In late morning European trading, London's FTSE 100 index of top companies lost 1.14 per cent to 5,388.20 points.
Frankfurt's DAX 30 slid 1.34 per cent to 6,346.72 points and the Paris CAC 40 plunged 1.52 per cent to 4,381.12 near the half-way mark.
The Euro Stoxx 50 index of leading eurozone shares erased 1.48 per cent to stand at 3,316.29 points.
Wall Street stocks had tumbled Monday on a report that the US government could be poised to extend significant financial aid to struggling mortgage-finance giants Fannie Mae and Freddie Mac.
Another report said that Lehman Brothers Holdings Inc. might also announce weaker-than-expected third-quarter results next month.
In London, British bank HBOS saw its share price shed 5.59 per cent to 282.75 pence.
Barclays suffered a 4.30-per cent drop to 328 pence and Royal Bank of Scotland slid 4.27 per cent to 218.75 pence. In Paris, French banks Credit Agricole and Societe Generale dipped 3.40 per cent and 3.11 per cent to stand at 13.65 euros and 62.41 euros.
German peers Commerzbank and Deutsche Bank also faced share price falls of more than 3.0 per cent. Across the Atlantic Monday, renewed worries about Fannie Mae and Freddie Mac swept across Wall Street trading floors.
The US Treasury played down one media report that suggested the government could be poised to extend significant financial aid to the struggling mortgage-finance giants. That failed to prevent the Dow Jones Industrial Average slumping by 1.55 per cent to close at 11,479.39 points.
The tech-rich Nasdaq composite fell 1.45 per cent to 2,416.98 while the broad-market Standard & Poor's 500 index dropped 1.51 per cent to close at 1,278.60 points.
In late morning European trading, London's FTSE 100 index of top companies lost 1.14 per cent to 5,388.20 points.
Frankfurt's DAX 30 slid 1.34 per cent to 6,346.72 points and the Paris CAC 40 plunged 1.52 per cent to 4,381.12 near the half-way mark.
The Euro Stoxx 50 index of leading eurozone shares erased 1.48 per cent to stand at 3,316.29 points.
Wall Street stocks had tumbled Monday on a report that the US government could be poised to extend significant financial aid to struggling mortgage-finance giants Fannie Mae and Freddie Mac.
Another report said that Lehman Brothers Holdings Inc. might also announce weaker-than-expected third-quarter results next month.
In London, British bank HBOS saw its share price shed 5.59 per cent to 282.75 pence.
Barclays suffered a 4.30-per cent drop to 328 pence and Royal Bank of Scotland slid 4.27 per cent to 218.75 pence. In Paris, French banks Credit Agricole and Societe Generale dipped 3.40 per cent and 3.11 per cent to stand at 13.65 euros and 62.41 euros.
German peers Commerzbank and Deutsche Bank also faced share price falls of more than 3.0 per cent. Across the Atlantic Monday, renewed worries about Fannie Mae and Freddie Mac swept across Wall Street trading floors.
The US Treasury played down one media report that suggested the government could be poised to extend significant financial aid to the struggling mortgage-finance giants. That failed to prevent the Dow Jones Industrial Average slumping by 1.55 per cent to close at 11,479.39 points.
The tech-rich Nasdaq composite fell 1.45 per cent to 2,416.98 while the broad-market Standard & Poor's 500 index dropped 1.51 per cent to close at 1,278.60 points.