This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7685639.stm

The article has changed 12 times. There is an RSS feed of changes available.

Version 4 Version 5
Stocks drift amid recession fears Shares slide amid recession fears
(about 1 hour later)
European stocks drifted lower, after Asian stocks tumbled overnight on fears of a recession. European share indexes have fallen further, as fears of a global recession swept through the major markets.
The FTSE-100 index was down 84.61 at 3956.28 in morning trade, with France's Cac 40 down 95.58 at 3202.6 and Germany's Dax down 158.85 at 4412.22. The FTSE-100 index was down 2.5% or 99.7 points at 3941.2 by early afternoon, with France's Cac 40 down 3.3% and Germany's Dax down 3.8%.
Retail sales grew at their slowest rate in two-and-a-half years in September, a sign of tough High Street conditions. UK retail sales grew at their slowest rate in two-and-a-half years in September, a sign of tough conditions.
Sterling remained under pressure - close to a five-year dollar low - as traders anticipated more rate cuts. Sterling also remained under pressure - close to a five-year dollar low - as traders anticipated more rate cuts.
FTSE 100 INDEX: 23 October 2008*All Times GMTFTSE 100 INDEX: 23 October 2008*All Times GMT
Key market developments: Investors are concerned about the global economy and how long the financial crisis will endure. Key recent market developments:
    class="bulletList">
  • Sterling stayed near the five-year low of $1.6148 reached on Wednesday, trading at about $1.6299
  • South Korea's Kospi index fell 7.4%, its lowest close since July 2005. The Korean won lost 5% of its value against the dollar
  • Hong Kong's Hang Seng index was down 4.7%, at its lowest ebb since April 2005
    class="bulletList">
  • At one point, the Nikkei was trading at 8,016.61, its lowest level for more than five years. It recovered to close down 213 points or 2.5% at 8,460 points
    class="bulletList">
  • The yen strengthened against the dollar and the euro overnight. The dollar hit a seven-month low of 96.85 yen, while the euro hit a six-year low of 123.40 yen
    class="bulletList">
  • Indian shares opened down 4.8% at their lowest since June 2006. The rupee has so far shed nearly 21% against the dollar in 2008
    class="bulletList">
  • In Australia, the benchmark index closed down 4.4%
  • The Dow Jones index closed down 5.7% on Wednesday.
    class="bulletList">
  • Sterling stayed near the five-year low of $1.6148 reached on Wednesday, trading at about $1.6299
  • At one point, the Nikkei was trading at 8,016.61, its lowest level for more than five years. It recovered to close down 213 points or 2.5% at 8,460 points
  • The yen strengthened against the dollar and the euro overnight. The dollar hit a seven-month low of 96.85 yen, while the euro hit a six-year low of 123.40 yen
  • South Korea's Kospi index fell 7.4%, its lowest close since July 2005. The Korean won lost 5% of its value against the dollar
    •
  • Hong Kong's Hang Seng index was down 4.7%, at its lowest ebb since April 2005
  • Indian shares opened down 4.8% at their lowest since June 2006. The rupee has so far shed nearly 21% against the dollar in 2008
  • In Australia, the benchmark index closed down 4.4%
  • The Dow Jones index closed down 5.7% on Wednesday.
DAX INDEX: 23 October 2008*All Times GMT		 DAX INDEX: 23 October 2008*All Times GMT
Export fearsExport fears
The fall in Japanese stocks was triggered in part by weak export data. The fall in Japanese stocks overnight was triggered in part by weak export data.
The impact of the global slowdown has had a clear impact on Japan's exports Tatsushi Shikano, Mitsubishi UFJ SecuritiesThe impact of the global slowdown has had a clear impact on Japan's exports Tatsushi Shikano, Mitsubishi UFJ Securities
Japan's trade surplus plunged 94% to 95.1bn yen ($970.1m; £596.7m) in September and exports grew only 1.5% in September from a year earlier, far below forecasts.Japan's trade surplus plunged 94% to 95.1bn yen ($970.1m; £596.7m) in September and exports grew only 1.5% in September from a year earlier, far below forecasts.
Exports of Japanese cars to the US fell, a sign of slowing consumer demand in the world's largest economy.Exports of Japanese cars to the US fell, a sign of slowing consumer demand in the world's largest economy.
The continued strength of the yen prompted fears that this will cause further damage to already weak exports.The continued strength of the yen prompted fears that this will cause further damage to already weak exports.
"The impact of the global slowdown has had a clear impact on Japan's exports and this was even before the financial crisis erupted in September," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities."The impact of the global slowdown has had a clear impact on Japan's exports and this was even before the financial crisis erupted in September," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities.
"Sluggish export volumes will put a drag on Japan's industrial output and its export-reliant economy in the coming months," he added."Sluggish export volumes will put a drag on Japan's industrial output and its export-reliant economy in the coming months," he added.