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European shares in biggest one-day fall ever
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| Contributor | Ashley |
| Last Edited | Ashley Oct 06, 2008 10:12am |
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| Category | News |
| News Date | Monday, October 6, 2008 05:05:00 PM UTC0:0 |
| Description | Banks, miners lead stock slump across Europe
LONDON (MarketWatch) -- European shares put in their worst one-day percentage performance ever on Monday as a fragmented policy response from European countries reinforced fears about a possible global economic recession.
The pan-European Stoxx 600 index (ST:SXXP: news, chart, profile) closed down 7.6% at 241.60, with the basic resource sector dropping 13.7% and banks down 8.9%.
"This is markets in pure panic mode. The financial system is seizing up and I think that there are major counterparty-risk fears out there in the market. Investors are cutting risk left, right and center," said Peter Dixon, strategist at Commerzbank. |
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