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Stock Markets Sink
Yesterday was a black day for stock markets in Asia, Europe and the US as shares dramatically dropped. The financial crisis is spread rapidly. Big bank companies need state injections of liquidity and buy outs. It is almost certain that European economies are going to face a long recession. EU Ministers of Finance are convening to find ways to tackle the crisis.
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Free Falling
European shares sank 6 percent in late trade on Monday as sharp falls on Wall Street accentuated a sell-off led by banks and commodity shares. At 1410 GMT, the FTSEurofirst 300 index of top European shares was down 5.9 percent at 1,025.78 points after hitting a low of 1,023.70. Across the Atlantic, the Dow Jones industrial averagetraded 3 percent lower after briefly falling below the psychologically important 10,000-mark, while the Nasdaq and the S&P 500, lost 3.9 and 3.8 percent respectively.
In Europe, Royal Bank of Scotland lost 19.2 percent, while UBS fell 12.5 percent and Barclays lost 13.9 percent. Energy stocks were also sharply weaker, with Total, BP and Shell losing more than 6 percent as oil fell to just above $90 a barrel.
Other headlines
- World leaders back Brown's plan - 16/11/08
- EU 'united' on financial reforms - 07/11/08
- Obama wins historic US election - 05/11/08
- America votes in historic election - 04/11/08
- Obama and McCain face verdict of voters - 04/11/08
- US rivals launch final vote push - 03/11/08
- Radcliffe romps to New York win - 02/11/08
- Karamanlis discusses global crisis with Brown - 21/10/08
- Greece bitter over US visas - 21/10/08
- Positive Reaction To the Rescue Plan of the 15 - 14/10/08
- European Rescue Plan - 13/10/08
- Financial Crisis Hits Europe - 30/09/08
- Paulson's Plan Rejected - 30/09/08
- Economic Turbulence sparked by Lehman's collapse - 16/09/08
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