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| Version 0 | Version 1 |
|---|---|
| Markets start year on upbeat note | Markets start year on upbeat note |
| (10 minutes later) | |
| World stock markets have started the year on a positive note, gaining ground after shares saw record falls in 2008. | World stock markets have started the year on a positive note, gaining ground after shares saw record falls in 2008. |
| In London, the FTSE 100 index was up by 2.88% at close and in France and Germany the major indexes had risen by 4.09% and 3.39% respectively. | In London, the FTSE 100 index was up by 2.88% at close and in France and Germany the major indexes had risen by 4.09% and 3.39% respectively. |
| On Wall Street, the Dow Jones was 1.60% ahead at midday in New York. | On Wall Street, the Dow Jones was 1.60% ahead at midday in New York. |
| However, analysts said gains might not be sustainable, with many market participants still on holiday and low trading volumes. | However, analysts said gains might not be sustainable, with many market participants still on holiday and low trading volumes. |
| 'Distant horizons' | |
| "It is customary to greet the New Year with a surge of optimism," said Stephen Lewis, an analyst at Monument Securities. | |
| "Past cares are buried as eyes are raised to more distant horizons." | |
| 2008 - MAJOR MARKET FALLS New York - down 33.84%London - down 31.3%Paris - down 42.7%Frankfurt - down 40.4%Mumbai - down 51.9%Singapore - down 49.2%Sydney - down 41.3%Hong Kong - down 48.3%Shanghai - down 65.2%Tokyo - down 42.1% | 2008 - MAJOR MARKET FALLS New York - down 33.84%London - down 31.3%Paris - down 42.7%Frankfurt - down 40.4%Mumbai - down 51.9%Singapore - down 49.2%Sydney - down 41.3%Hong Kong - down 48.3%Shanghai - down 65.2%Tokyo - down 42.1% |
| The FTSE 100 had suffered its worst year on record in 2008 - a fall of 31.3%. | |
| In Asia, South Korea's main stock index closed up 2.9% at 1,157.40 points. Hong Kong's Hang Seng index rose 4.6% and Indian shares climbed 0.6%. | In Asia, South Korea's main stock index closed up 2.9% at 1,157.40 points. Hong Kong's Hang Seng index rose 4.6% and Indian shares climbed 0.6%. |
| Markets in Japan and China were closed for a public holiday. | Markets in Japan and China were closed for a public holiday. |
| Record falls | Record falls |
| Global markets saw record falls in 2008 as the financial turmoil and economic slowdown ended the stock market boom. | Global markets saw record falls in 2008 as the financial turmoil and economic slowdown ended the stock market boom. |
| Shanghai was one of the worst-hit major markets, ending the year 65% lower, which was also a record loss. | Shanghai was one of the worst-hit major markets, ending the year 65% lower, which was also a record loss. |
| In New York, the Dow Jones lost almost 34% of its value in 2008, its worst year since 1931. | In New York, the Dow Jones lost almost 34% of its value in 2008, its worst year since 1931. |
| The year saw the credit crisis push several major economies into recession, with banks particularly badly hit - many requiring government bail-outs. | The year saw the credit crisis push several major economies into recession, with banks particularly badly hit - many requiring government bail-outs. |
| Whether the stock markets fall further in 2009 is a matter of debate. | Whether the stock markets fall further in 2009 is a matter of debate. |
| Many investment strategists have written off any chance of a major rebound in at least the first six months of the new year, when company earnings could prove especially bleak. | Many investment strategists have written off any chance of a major rebound in at least the first six months of the new year, when company earnings could prove especially bleak. |