USA: World Stocks Tumble (06Oct08)
AMERICA’S MONEY CRISIS
World stocks take a drubbing
October 06, 2008
Asian, European markets sharply lower after bailout passage, new bank concerns.
ATLANTA (CNN) — Stocks sank around the world Monday after investors digested the passage of a $700 billion bank bailout plan in the United States and considered new flare-ups in Europe’s banking crisis.
Losses of 4% to 5% were the norm.
European markets tumbled in morning trading. Asian and Pacific stocks ended significantly lower. And U.S. markets were pointed toward a lower open.
In Europe, London’s FSTE tumbled 5.4%, while the CAC 40 in Paris shed 5.3%. Germany’s XETRA DAX dropped 5.2%.
Russia’s RTS index held onto steep early losses after plunging nearly 9% in the first 30 minutes. At midday, the index was down 8.8%.
Japan’s Nikkei Exchange closed down 465.05 points, or 4.3%, at 10,473.09 on Monday, a 4-1/2 year low.
South Korea’s Kospi index finished the day off 4.3%.
Singapore’s Straits Times Index was down nearly 4.9% in late-day trading and the Shanghai Composite fell about 5.2%. The Taiwan Weighted shed 4.1%.
(continued)