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Panic sparks plunge in global markets
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| Contributor | RP |
| Last Edited | RP Jan 21, 2008 10:59pm |
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| Category | News |
| News Date | Tuesday, January 22, 2008 04:00:00 AM UTC0:0 |
| Description | Global equities plunged on Monday as investor concerns over the economic outlook and financial market turbulence snowballed into a sweeping sell-off.
Tumbling Asian shares - which continued to fall early on Tuesday - led European stock markets into their biggest one-day fall since 9/11 as the prospect of a US recession and further fall-out from credit market turmoil prompted near panic among investors, who rushed to the safety of government bonds.
About $490bn was wiped off the market value of Europe's FTSE Eurofirst 300 index and $148bn from the FTSE 100 index in London, which suffered its biggest points slide since it was formed in 1983. Germany's Xetra Dax slumped 7.2 per cent to 6,790.19 and France's CAC-40 fell 6.8 per cent to 4,744.45, its worst one-day percentage point fall since September 11 2001.
US markets were closed for the Martin Luther King Jr Day holiday, but the futures market suggested the S&P 500 index would fall more than 4 per cent when it resumes trading on Tuesday. |
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