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Asia stock markets in heavy falls Global stocks see sharp declines
(about 1 hour later)
Several Asian stock markets, including Japan's Nikkei index, have fallen more than 2% in Monday trading as investors' worries about the US economy continued. European shares have fallen sharply in early trading, mirroring earlier falls in East Asia as investors' worries about the US economy continue.
Prices on the Tokyo Stock Exchange were down 2.7% in afternoon trading, after earlier falling as much as 3.2%. London's FTSE 100 index was down 100 points, or 1.5%, to 6,432 in initial exchanges, while Frankfurt's Dax lost 1.4% and Paris' Cac fell 1.6%.
In Hong Kong, the Hang Seng was down 2.5% by early afternoon, pulling back from initial falls of 3.8%. Earlier, Tokyo's Nikkei index had closed 2.2% lower.
There are also fears of sharp falls on European stock markets on Monday after Friday's hefty losses on Wall Street. European and East Asian markets were responding to heavy falls on Wall Street on Friday.
'Pretty ugly'
The Dow Jones, the main US share index, fell 367 points on Friday, the 20th anniversary of the Black Monday stock market crash.The Dow Jones, the main US share index, fell 367 points on Friday, the 20th anniversary of the Black Monday stock market crash.
I'd like to laugh except it hurts Trader Andy BrooksI'd like to laugh except it hurts Trader Andy Brooks
Most of the falls came after European markets closed, so they will have their first chance to react on Monday.
The falls were set off by concerns that the full effects of the US housing slowdown have not yet been seen.The falls were set off by concerns that the full effects of the US housing slowdown have not yet been seen.
'Pretty ugly'
It started when the building equipment firm Caterpillar cut its profit forecast, blaming the state of the economy.It started when the building equipment firm Caterpillar cut its profit forecast, blaming the state of the economy.
US losses came on the twentieth anniversary of Black Monday
"It's pretty ugly," said Bill Strazzullo, chief market strategist at Bell Curve Trading."It's pretty ugly," said Bill Strazzullo, chief market strategist at Bell Curve Trading.
"A company like Caterpillar should be a poster child for global growth and benefits of the weak dollar," he said."A company like Caterpillar should be a poster child for global growth and benefits of the weak dollar," he said.
"It makes you question: Is global growth really that strong? Has the earnings kick from the weak dollar played itself out?""It makes you question: Is global growth really that strong? Has the earnings kick from the weak dollar played itself out?"
On Black Monday, the Dow Jones fell 23%, which nowadays would mean a drop of more than 3,000 points.On Black Monday, the Dow Jones fell 23%, which nowadays would mean a drop of more than 3,000 points.
"I think we're responding emotionally to the 20th anniversary of the October 1987 stock market crash," said Andy Brooks, head of trading at T Rowe Price."I think we're responding emotionally to the 20th anniversary of the October 1987 stock market crash," said Andy Brooks, head of trading at T Rowe Price.
"I'd like to laugh except it hurts," he added."I'd like to laugh except it hurts," he added.