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Global stocks sell-off continues Global stocks sell-off continues
(about 1 hour later)
European and Asian stock markets have moved sharply lower amid fears the financial crisis will cause a prolonged global downturn. European and Asian stock markets have fallen sharply amid fears the financial crisis will cause a prolonged downturn.
In London the FTSE 100 index was down 4.8% by mid-morning, while France's Cac 40 lost 5.7%. Germany's Dax fell 6.1%. In London the FTSE 100 index was down 3.6% by late-morning. France's Cac 40 lost 4.5% and Germany's Dax fell 5.6%.
Earlier in Asia, Japan's Nikkei closed down 952.58 points, or 9.4%, at 9,203, its lowest finish since June 2003. Earlier in Asia, Japan's Nikkei had closed down 9.4% at 9,203, its lowest close since June 2003.
Elsewhere, Hong Kong's Hang Seng index was 6.2% lower, and India's main share index had fallen 8% at one point. Elsewhere, Hong Kong's Hang Seng index closed 6.2% lower. India's main index fell 8% at one point but eventually closed down 4.3%.
Markets in Australia, China and Taiwan were among other fallers.Markets in Australia, China and Taiwan were among other fallers.
FTSE 100 INDEX: 8 October 2008FTSE 100 INDEX: 8 October 2008
Russia's Micex exchange has suspended trading until Friday, after the index dropped more than 14% in the first half-hour of trading.Russia's Micex exchange has suspended trading until Friday, after the index dropped more than 14% in the first half-hour of trading.
'Unstoppable' selling'Unstoppable' selling
The slump in Europe and Asia followed a huge sell-off on Wall Street which saw the Dow Jones index close Tuesday down more than 500 points. Some of the key developments on another day of market turbulence have included:
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  • The UK government has announced details of a rescue package that would see it put £50bn ($88bn) into banks to strengthen the financial system
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  • ING Direct UK announced it was acquiring more than £3bn of deposits held by British savers with Icelandic-owned banks
  • The British government said all UK savers with accounts in the closed Icelandic internet bank Icesave would get all their money back.
  • Austria became the latest country to fully guarantee savers' deposits
Investors simply don't find incentives to buy stocks Kazuki MiyazawaDaiwa Securities SMBC Financial crisis at-a-glance: 8 OctInvestors simply don't find incentives to buy stocks Kazuki MiyazawaDaiwa Securities SMBC Financial crisis at-a-glance: 8 Oct
The European falls came despite the UK government announcing details of a rescue package for the banking system worth at least £50bn ($88bn). The slump in Europe and Asia followed a huge sell-off on Wall Street which saw the Dow Jones index close Tuesday down more than 500 points.
The plan to buy a stake in at least eight banks and building societies came in the wake of a slump in the value of many banking shares.
Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession, observers say.Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession, observers say.
"Selling seems almost unstoppable because of uncertainty over the crisis," said Kazuki Miyazawa of Daiwa Securities SMBC"Selling seems almost unstoppable because of uncertainty over the crisis," said Kazuki Miyazawa of Daiwa Securities SMBC
"Investors simply don't find incentives to buy stocks.""Investors simply don't find incentives to buy stocks."
Action callAction call
On Tuesday, US stocks hit their lowest levels in five years as investors continued to worry over the strength of the world's banking institutions. Observers are anxiously waiting trading to begin on Wall Street - where US stocks hit their lowest levels in five years on Tuesday.
US President George W Bush has called for unified action to combat the world's financial crisis.
Australia's decline came despite the central bank's efforts to stem the crisis by cutting its official interest rate by 1% on Tuesday.
New York's main stock market index, the Dow Jones, rallied briefly on Tuesday before closing down more than 5%. The index has lost nearly 13% of its value in its past five sessions.
Tuesday was another grim day for New York Stock Exchange tradersTuesday was another grim day for New York Stock Exchange traders
The Dow Jones closed down more than 5% on Tuesday and it has lost nearly 13% of its value in its past five sessions.
President George W Bush has called for unified action to combat the world's financial crisis.
Federal Reserve Chairman Ben Bernanke gave financial markets little reassurance when he said the US was tackling a financial crisis "of historic dimensions".Federal Reserve Chairman Ben Bernanke gave financial markets little reassurance when he said the US was tackling a financial crisis "of historic dimensions".
He signalled that the Fed - which is invoking emergency powers to buy up company's short-term debts - might be prepared to cut interest rates to support the economy.He signalled that the Fed - which is invoking emergency powers to buy up company's short-term debts - might be prepared to cut interest rates to support the economy.
Mr Bush telephoned the leaders of France, Britain and Italy to discuss ways of tackling the markets turmoil.
He called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch.
The International Monetary Fund said losses on loans in the US, and on financial assets based on those loans, were likely to be double the $700bn provided in a rescue package agreed by Congress.
Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below?Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below?
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