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| Economy worries hit global shares | |
| (about 1 hour later) | |
| Global stocks have fallen sharply on fears the global financial sector could take a turn for the worse. | |
| In Europe, the UK's FTSE 100 fell by 3.2%, while Germany's Dax was down 2.76% and France's Cac 40 lost 2.67%. | |
| Earlier in Asia, Japan's Nikkei 225 index closed down 288.27 points, or 3.8%, at 7,280.15. In Hong Kong, the Hang Seng fell 3.9% to 12,314.5 points. | |
| Investor confidence was hit by talk that US insurance giant AIG may need a further injection of government cash. | Investor confidence was hit by talk that US insurance giant AIG may need a further injection of government cash. |
| Weak economic data from China and South Korea also underscored fears about Asia's export-dependent economies. | Weak economic data from China and South Korea also underscored fears about Asia's export-dependent economies. |
| China's manufacturing sector declined further last month, while South Korean imports and exports also slumped. Japan reported a steep drop in car sales. | China's manufacturing sector declined further last month, while South Korean imports and exports also slumped. Japan reported a steep drop in car sales. |
| Monday's slide followed a poor performance on Wall Street on Friday after data showed that economic growth was even weaker than thought. | Monday's slide followed a poor performance on Wall Street on Friday after data showed that economic growth was even weaker than thought. |
| "You're seeing the US is sinking lower and lower, and we're still desperately searching for a bottom," said John Mar, co-head of sales trading at Daiwa Securities SMBC Co. | "You're seeing the US is sinking lower and lower, and we're still desperately searching for a bottom," said John Mar, co-head of sales trading at Daiwa Securities SMBC Co. |