Global stocks, commodities fall on flu, banks decline on stress tests
Wednesday, 29 April 2009
Stocks and commodities fell around the world on concern swine flu will damp the global economic recovery and US regulators will make banks raise capital after failing so-called stress tests, reports Bloomberg.
The Dow Jones Stoxx 600 Index of European shares dropped 2.1 per cent, led by raw-material producers and banks. Futures on the Standard & Poor's 500 Index slipped 1.5 per cent after the Wall Street Journal said the US government's examination of lenders shows Bank of America Corp. and Citigroup Inc. may need more capital. Hogs and pork-belly futures extended declines after falling by their limit in Chicago yesterday.
The World Health Organisation raised its global pandemic alert to the highest since the system was adopted in 2005 and said swine flu was no longer containable as 152 people died in Mexico. Bank of America's shortfall comes to billions of dollars, the Journal said.
The Dow Jones Stoxx 600 Index of European shares dropped 2.1 per cent, led by raw-material producers and banks. Futures on the Standard & Poor's 500 Index slipped 1.5 per cent after the Wall Street Journal said the US government's examination of lenders shows Bank of America Corp. and Citigroup Inc. may need more capital. Hogs and pork-belly futures extended declines after falling by their limit in Chicago yesterday.
The World Health Organisation raised its global pandemic alert to the highest since the system was adopted in 2005 and said swine flu was no longer containable as 152 people died in Mexico. Bank of America's shortfall comes to billions of dollars, the Journal said.