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Investors edgy as US stocks fall | Investors edgy as US stocks fall |
(about 1 hour later) | |
US stock markets sank on fears the bailout of insurance giant AIG would not be enough to dispel the gloom engulfing the financial world. | US stock markets sank on fears the bailout of insurance giant AIG would not be enough to dispel the gloom engulfing the financial world. |
Finance firms fell with Goldman Sachs 15% lower while Morgan Stanley saw shares 25% down in afternoon trade. | |
Investors were unnerved by recent dramatic events, including Lehman Brothers' demise, leading European indexes to end down. | Investors were unnerved by recent dramatic events, including Lehman Brothers' demise, leading European indexes to end down. |
The Dow Jones industrial average shed 2.1% having fallen more than 4%. | |
The FTSE 100 closed 2.2% lower while France's Cac 40 shed 2.1% and Germany's Dax shed 1.7%. | The FTSE 100 closed 2.2% lower while France's Cac 40 shed 2.1% and Germany's Dax shed 1.7%. |
The global financial crisis In pictures | The global financial crisis In pictures |
It has been a tumultuous week on financial markets, with significant changes in the financial landscape. | It has been a tumultuous week on financial markets, with significant changes in the financial landscape. |
Key events on Wednesday included:
| Key events on Wednesday included:
|
Finance shares globally were among the most volatile on Tuesday. | |
How big are these companies? | How big are these companies? |
Top UK mortgage lender HBOS, which has faced heavy selling this week, had a rollercoaster ride. | Top UK mortgage lender HBOS, which has faced heavy selling this week, had a rollercoaster ride. |
HBOS shares fell some 50% before recovering after it emerged that it was in advanced talks to be taken over by Lloyds TSB. | HBOS shares fell some 50% before recovering after it emerged that it was in advanced talks to be taken over by Lloyds TSB. |
But by close of trade HBOS was 19% lower, while Royal Bank of Scotland shed 10.4%. | But by close of trade HBOS was 19% lower, while Royal Bank of Scotland shed 10.4%. |
I don't think anyone has got any or much confidence in market direction for more than a few days Darren Winder, Cazenove | I don't think anyone has got any or much confidence in market direction for more than a few days Darren Winder, Cazenove |
Topsy-turvy trade | Topsy-turvy trade |
Trade is likely to remain rocky amid concern that financial system instability will continue after the dramatic events of the past few days. | Trade is likely to remain rocky amid concern that financial system instability will continue after the dramatic events of the past few days. |
"I don't think anyone has got any or much confidence in market direction for more than a few days," said Darren Winder, a strategist at Cazenove. | "I don't think anyone has got any or much confidence in market direction for more than a few days," said Darren Winder, a strategist at Cazenove. |
AIG's bail-out follows the collapse of US investment bank Lehman Brothers, which caused share prices to plummet across the world's financial markets. | AIG's bail-out follows the collapse of US investment bank Lehman Brothers, which caused share prices to plummet across the world's financial markets. |
The White House on Wednesday defended the takeover of AIG, saying: "You have a government that is willing to lead, act where appropriate, and govern to make sure that we limit broader financial harm to the economy," said White House press secretary Dana Perino. | The White House on Wednesday defended the takeover of AIG, saying: "You have a government that is willing to lead, act where appropriate, and govern to make sure that we limit broader financial harm to the economy," said White House press secretary Dana Perino. |
Another investment bank, Merrill Lynch, has been sold off to Bank of America. | Another investment bank, Merrill Lynch, has been sold off to Bank of America. |
Russia's stock exchange suspended trade following steep falls in shares. | Russia's stock exchange suspended trade following steep falls in shares. |
Asian shares had a mixed session. Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong, Shanghai and Australia lost ground. | Asian shares had a mixed session. Stocks in Tokyo, Taipei, and Seoul all rose, although prices in Hong Kong, Shanghai and Australia lost ground. |
Japan's Nikkei 225 index ended up 1.2% at 11,749.79, having risen by as much as 2.3% earlier in the day. The index had hit a three-year low on Tuesday. | Japan's Nikkei 225 index ended up 1.2% at 11,749.79, having risen by as much as 2.3% earlier in the day. The index had hit a three-year low on Tuesday. |
Hong Kong's Hang Seng index ended down 3.6% at 17,637.19 points. | Hong Kong's Hang Seng index ended down 3.6% at 17,637.19 points. |
Return to top | Return to top |