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European shares limp to a close | |
(about 2 hours later) | |
After a volatile day's trading, European markets closed lower on Monday as investors continued to fear for the health of the global economy. | |
The UK's FTSE 100 was down 3.2%, France's Cac 40 dropped 1%, while Germany's Dax fell 0.52%. | |
On Wall Street, the Dow Jones index opened up 1% but soon fell away following cautionary comments from Federal Reserve chairman Ben Bernanke. | |
Japanese stocks traded close to 26-year lows before staging a modest recovery. | |
Mr Bernanke warned of stagnation if the US authorities did not move "aggressively" to stimulate the economy. | |
Following his comments, the Dow traded down 30 points, or 0.4%, on the day. | |
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 |
Earlier, the Nikkei 225 index fell sharply before recovering to close at 7229.7, down 0.69% on the day. | |
Hong Kong's Hang Seng index fell 1.9%, while India's main Mumbai index ended down 2.3%. | Hong Kong's Hang Seng index fell 1.9%, while India's main Mumbai index ended down 2.3%. |
Rebound? | Rebound? |
On Monday, the Dow Jones had fallen below 7,000 points for the first time since 1997. | On Monday, the Dow Jones had fallen below 7,000 points for the first time since 1997. |
"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. |
On Monday, investor 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, investor 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. |