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| Version 7 | Version 8 |
|---|---|
| European markets descend further | European markets descend further |
| (about 2 hours later) | |
| Hopes of a sustained bounce in European stocks following Monday's heavy falls were dashed as markets fell away in mid-morning, wiping out early gains. | Hopes of a sustained bounce in European stocks following Monday's heavy falls were dashed as markets fell away in mid-morning, wiping out early gains. |
| The UK's FTSE 100 fell 1.5%, while Germany's Dax and France's Cac 40 were virtually unchanged on the day. | |
| Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted. | Earlier on Tuesday, Japanese stocks traded close to 26-year lows as investor concerns about the health of the financial system persisted. |
| The Nikkei 225 fell sharply before recovering to 7229.7, down 0.69%. | The Nikkei 225 fell sharply before recovering to 7229.7, down 0.69%. |
| Hong Kong's Hang Seng fell 1.9%, while India's main Mumbai index ended down 2.3%. | Hong Kong's Hang Seng fell 1.9%, while India's main Mumbai index ended down 2.3%. |
| There's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private Wealth | There's going to be more pain before there's a turnaround Lucinda Chan, Macquarie Private Wealth |
| On Monday, the US Dow Jones share index fell below 7,000 points for the first time since 1997. | On Monday, the US Dow Jones share index fell below 7,000 points for the first time since 1997. |
| Rebound? | Rebound? |
| "There's just a lot of fear driving the markets right now," said Lucinda Chan at Macquarie Private Wealth. | "There's just a lot of fear driving the markets right now," said Lucinda Chan at Macquarie Private Wealth. |
| "The market is consumed by the global sell-down at the moment, and I think there's going to be more pain before there's a turnaround." | "The market is consumed by the global sell-down at the moment, and I think there's going to be more pain before there's a turnaround." |
| In Japan, analysts said talk of a fresh government stimulus plan was unlikely to help revive the stock market. | In Japan, analysts said talk of a fresh government stimulus plan was unlikely to help revive the stock market. |
| "Unless markets overseas stop falling, there's nothing we can do, no matter how hard we try," said Yutaka Miura, an analyst at Shinko Securities. | "Unless markets overseas stop falling, there's nothing we can do, no matter how hard we try," said Yutaka Miura, an analyst at Shinko Securities. |
| Record loss | Record loss |
| On Monday, confidence was hit by a fresh $30bn bail-out of US insurance giant AIG following a record $62bn loss, and by the announcement from UK bank HSBC that it planned to raise £12.5bn from shareholders. | On Monday, confidence was hit by a fresh $30bn bail-out of US insurance giant AIG following a record $62bn loss, and by the announcement from UK bank HSBC that it planned to raise £12.5bn from shareholders. |
| On Wall Street, the Dow Jones fell by 4.2% to end at 6,763, the lowest closing level since April 1997. | On Wall Street, the Dow Jones fell by 4.2% to end at 6,763, the lowest closing level since April 1997. |
| The broader Standard & Poor's 500 index was down 4.7% at 701, briefly falling below the 700 level for the first time since October 1996. | The broader Standard & Poor's 500 index was down 4.7% at 701, briefly falling below the 700 level for the first time since October 1996. |
| The UK's FTSE 100 index closed at a six-year low. | The UK's FTSE 100 index closed at a six-year low. |