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| Version 4 | Version 5 |
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| World stocks hit by credit fears | World stocks hit by credit fears |
| (11 minutes later) | |
| European stocks edged lower in early trade, after Asian shares had seen more dramatic falls, as ongoing credit fears harmed firms reliant on exports. | European stocks edged lower in early trade, after Asian shares had seen more dramatic falls, as ongoing credit fears harmed firms reliant on exports. |
| France's Cac index slid 0.25% while Germany's Dax index shed 0.34%. | France's Cac index slid 0.25% while Germany's Dax index shed 0.34%. |
| Tokyo's Nikkei ended 2.48% down at 15,197.09, and the broader Topix slid 2.54% to 1,456.40 - both 15-year lows. Hong Kong's Hang Seng Index fell 4.5%. | Tokyo's Nikkei ended 2.48% down at 15,197.09, and the broader Topix slid 2.54% to 1,456.40 - both 15-year lows. Hong Kong's Hang Seng Index fell 4.5%. |
| Analysts said the trend was in response to Friday's falls in the US, as fears regarding the credit crisis continue. | Analysts said the trend was in response to Friday's falls in the US, as fears regarding the credit crisis continue. |
| 'Overseas factors' | |
| "I'm afraid factors from overseas, such as sub-prime problems, are coming over to Japan," said Chief Cabinet Secretary Nobutaka Machimura. "We'll closely monitor the situation," he added. | "I'm afraid factors from overseas, such as sub-prime problems, are coming over to Japan," said Chief Cabinet Secretary Nobutaka Machimura. "We'll closely monitor the situation," he added. |
| Its getting to the point where everything seems scary and that its hard to trust what financial institutions are saying Japanese trader | |
| Japanese investors sold shares in firms heavily-reliant on exports to the US, especially car and electronic companies, as the yen hit its strongest level against the dollar since May 2006. | Japanese investors sold shares in firms heavily-reliant on exports to the US, especially car and electronic companies, as the yen hit its strongest level against the dollar since May 2006. |
| What started as problems in the US housing market, with default rates on mortgages rising in the wake of a series of interest rates rises, later spread to other markets. | What started as problems in the US housing market, with default rates on mortgages rising in the wake of a series of interest rates rises, later spread to other markets. |
| As banks begin to reveal their exposure to the sub-prime sector - which specialises in lending to riskier borrowers - there are increasing fears that greater financial losses lie ahead. | As banks begin to reveal their exposure to the sub-prime sector - which specialises in lending to riskier borrowers - there are increasing fears that greater financial losses lie ahead. |
| The Dow Jones, Wall Street's main index fell 1.8% on Friday after Wachovia bank said its writedowns on bad mortgage debt would total $1.1bn (£525m) for October alone. | The Dow Jones, Wall Street's main index fell 1.8% on Friday after Wachovia bank said its writedowns on bad mortgage debt would total $1.1bn (£525m) for October alone. |
| One trader in Japan said: "Its getting to the point where everything seems scary and that its hard to trust what financial institutions are saying." | One trader in Japan said: "Its getting to the point where everything seems scary and that its hard to trust what financial institutions are saying." |
| Other fallers in Asia included China's Shanghai Composite Index, down 2.9%. At the weekend, China's central bank made a move to cool inflation by raising the level of deposits that commercial banks must set aside. | Other fallers in Asia included China's Shanghai Composite Index, down 2.9%. At the weekend, China's central bank made a move to cool inflation by raising the level of deposits that commercial banks must set aside. |
| In India, the benchmark index in Mumbai slid more than 3%. | In India, the benchmark index in Mumbai slid more than 3%. |
| "I don't think foreign investors are going to inject fresh funds at this fag end of the year. We will see fresh money only in January. So we are advising to book profit," said DD Sharma, vice president of Anand Rathi Securities. | "I don't think foreign investors are going to inject fresh funds at this fag end of the year. We will see fresh money only in January. So we are advising to book profit," said DD Sharma, vice president of Anand Rathi Securities. |
| London's main FTSE 100 index bucked the downward trend, up 12 points or 0.2% to 6,317 in early Monday trading. |