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Economy worries hit global shares Economy worries hit global shares
(40 minutes later)
Global stocks have fallen sharply on fears the global financial sector could take a turn for the worse. Global stocks have fallen sharply on fears the global financial sector could take a further 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%.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. 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 12,317.5 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 poor results from HSBC, where 2008 profits fell by 62% on the previous year.
Weak economic data from China and South Korea also underscored fears about Asia's export-dependent economies. Europe's biggest bank posted pre-tax profits for the year of $9.3bn (£6.5bn), and it also confirmed its intention to raise £12.5bn ($17.7bn) from shareholders through a rights issue in the UK.
The money will be used to help the bank cope with the effects of the global economic downturn.
Gloomy news
Weak manufacturing figures in both the UK and eurozone also placed downward pressure on European markets.
In addition, confidence was knocked by talk that US insurance giant AIG may need a further injection of government cash.
In Asia, weak economic data from China and South Korea underscored fears about the region'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 shares slide followed a poor performance on Wall Street on Friday after data showed that US 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. "The Tokyo market is being hit directly by the lower share prices overseas," said Toshihiko Matsuno, research head at SMBC Friend Securities.
John Mar, co-head of sales trading at Daiwa Securities SMBC Co. said: "You're seeing the US is sinking lower and lower, and we're still desperately searching for a bottom."