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World shares fall amid US turmoil | |
(30 minutes later) | |
Share prices in Europe and Asia have fallen sharply in the midst of the financial turmoil over the fate of the US investment bank Lehman Brothers. | |
The UK's FTSE 100 index fell nearly 3% in the first few minutes of trade, and France's Cac 40 index dropped 2.3%. | |
In Asia, the key share index in Australia was down 2.5%, and in Singapore the STI dropped 2.9%. | |
In Taiwan, the benchmark share index dropped more than 4%, and in India share prices fell by more than 5%. | |
Several of Asia's major stock exchanges - in Tokyo, Hong Kong, Shanghai and Seoul - were closed for holidays. | |
In markets that were trading, financial sectors suffered most after Lehman Brothers, the fourth-largest investment bank in the US, said it would file for bankruptcy protection. | In markets that were trading, financial sectors suffered most after Lehman Brothers, the fourth-largest investment bank in the US, said it would file for bankruptcy protection. |
Lehman Brothers has suffered losses of billions of dollars in the sub-prime crisis, and has seen its share price plummet during recent months. | Lehman Brothers has suffered losses of billions of dollars in the sub-prime crisis, and has seen its share price plummet during recent months. |
A consortium of international private sector banks and securities firms announced a new $70bn loan fund, intended for use by financial companies to help ease the credit shortage. | A consortium of international private sector banks and securities firms announced a new $70bn loan fund, intended for use by financial companies to help ease the credit shortage. |
The US Central Bank, the Federal Reserve also made new moves to ease access to emergency credit for struggling financial companies, broadening the types of securities financial institutions can use to obtain emergency loans. | The US Central Bank, the Federal Reserve also made new moves to ease access to emergency credit for struggling financial companies, broadening the types of securities financial institutions can use to obtain emergency loans. |