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| Economy worries push stocks lower | Economy worries push stocks lower |
| (41 minutes later) | |
| Concerns about the state of the world economy have sent Asian and European shares sharply down, reversing gains made ahead of the US election. | Concerns about the state of the world economy have sent Asian and European shares sharply down, reversing gains made ahead of the US election. |
| In Europe, the UK's FTSE 100 index was down 4.1%, Germany's Dax fell 4.3% and France's Cac 40 lost 4.1%. | |
| Earlier in Asia, Japan's Nikkei index had closed down 6.5% while Hong Kong's Hang Seng dropped 7.1%. | Earlier in Asia, Japan's Nikkei index had closed down 6.5% while Hong Kong's Hang Seng dropped 7.1%. |
| Both the European Central Bank and the Bank of England are expected to announce interest rate cuts later. | Both the European Central Bank and the Bank of England are expected to announce interest rate cuts later. |
| "We're no longer in a situation where big cuts would cause panic," said Bernard McAlinden, investment strategist at NCB Stockbrokers. | "We're no longer in a situation where big cuts would cause panic," said Bernard McAlinden, investment strategist at NCB Stockbrokers. |
| On Wednesday, the US Dow Jones index had ended 5.2% lower at 9,129. | On Wednesday, the US Dow Jones index had ended 5.2% lower at 9,129. |
| 'Back to reality' | 'Back to reality' |
| Figures released on Wednesday showed retail sales fell in the eurozone during September, while US figures indicated that the service sector suffered a sharper-than-expected drop in activity during October. | Figures released on Wednesday showed retail sales fell in the eurozone during September, while US figures indicated that the service sector suffered a sharper-than-expected drop in activity during October. |
| On Thursday, both Toyota and Isuzu Motors slashed annual profit forecasts, providing a further reminder of the weakness of the global economy. | On Thursday, both Toyota and Isuzu Motors slashed annual profit forecasts, providing a further reminder of the weakness of the global economy. |
| "We had a week of rebound and then we're coming back to reality" said Francis Lun, general manager of Ful bright securities in Hong Kong. | "We had a week of rebound and then we're coming back to reality" said Francis Lun, general manager of Ful bright securities in Hong Kong. |
| "Despite the world euphoria over the election, the world's economy hasn't changed," he added. | "Despite the world euphoria over the election, the world's economy hasn't changed," he added. |