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Economy worries hit global shares | Economy worries hit global shares |
(30 minutes later) | |
Global stocks have fallen sharply on fears the global financial sector could take a further 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 12,317.5 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 poor results from HSBC, where 2008 profits fell by 62% on the previous year. | Investor confidence was hit by poor results from HSBC, where 2008 profits fell by 62% on the previous year. |
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. | 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. | The money will be used to help the bank cope with the effects of the global economic downturn. |
Gloomy news | Gloomy news |
Weak manufacturing figures in both the UK and eurozone also placed downward pressure on European markets. | Weak manufacturing figures in both the UK and eurozone also placed downward pressure on European markets. |
The Purchasing Managers' Index (PMI), compiled by research group Markit, showed that manufacturing activity fell in February compared with the previous month. | |
"Once again, the extreme weakness in manufacturing activity in February was widespread across the eurozone, with all countries seeing a very sharp contraction in activity," said Howard Archer at IHS Global Insight. | |
The figures were particularly badly received because manufacturing activity in both the UK and the eurozone rose slightly in January. | |
In addition, confidence was knocked by talk that US insurance giant AIG may need a further injection of government cash. | In addition, confidence was knocked by talk that US insurance giant AIG may need a further injection of government cash. |
'Desperately searching' | |
In Asia, weak economic data from China and South Korea underscored fears about the region's export-dependent economies. | 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 shares slide followed a poor performance on Wall Street on Friday after data showed that US 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. |
"The Tokyo market is being hit directly by the lower share prices overseas," said Toshihiko Matsuno, research head at SMBC Friend Securities. | "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." | 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." |