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Global stock market slump deepens Global stock market slump deepens
(10 minutes later)
Global share prices have continued to fall sharply on Tuesday amid fears that a recession in the US will lead to a global economic slowdown.Global share prices have continued to fall sharply on Tuesday amid fears that a recession in the US will lead to a global economic slowdown.
London's main FTSE 100 share index dropped more than 3%, one day after posting its biggest fall since the 9/11 attacks in the US.London's main FTSE 100 share index dropped more than 3%, one day after posting its biggest fall since the 9/11 attacks in the US.
Earlier, Asian markets had tumbled with Japan's Nikkei index closing down 5.7%, taking its decline this year to 18%.Earlier, Asian markets had tumbled with Japan's Nikkei index closing down 5.7%, taking its decline this year to 18%.
Many analysts are predicting indexes could fall further in coming weeks.Many analysts are predicting indexes could fall further in coming weeks.
The recent falls were triggered by fears of a global recession, after growing concern that a proposed US stimulus package, which would involve about $145bn (£76bn) in tax cuts to encourage spending, might not be enough.The recent falls were triggered by fears of a global recession, after growing concern that a proposed US stimulus package, which would involve about $145bn (£76bn) in tax cuts to encourage spending, might not be enough.
Dominique Strauss-Kahn, the head of the International Monetary Fund, said the global economic situation was "serious" and that all countries in the world were suffering in the wake of a slowdown in US growth.Dominique Strauss-Kahn, the head of the International Monetary Fund, said the global economic situation was "serious" and that all countries in the world were suffering in the wake of a slowdown in US growth.
The drop in stock markets was also having an effect on other assets.The drop in stock markets was also having an effect on other assets.
Government bond prices have risen, as many investors look for assets which guarantee safer returns.Government bond prices have risen, as many investors look for assets which guarantee safer returns.
At the same time, crude oil and metals prices have fallen because of expectations that slower global economic growth will hurt demand.At the same time, crude oil and metals prices have fallen because of expectations that slower global economic growth will hurt demand.
'Remain calm''Remain calm'
In Mumbai on Tuesday, India's main stock index, the Sensex, fell 9.8% within minutes, triggering an automatic one-hour halt in trading.In Mumbai on Tuesday, India's main stock index, the Sensex, fell 9.8% within minutes, triggering an automatic one-hour halt in trading.
The loss in Indian shares came after a fall of 7.4% on Monday, the Sensex's worst day.The loss in Indian shares came after a fall of 7.4% on Monday, the Sensex's worst day.
India's Finance Minister P Chidambaram has urged Indian investors to "remain calm" and advised them to "stay invested".India's Finance Minister P Chidambaram has urged Indian investors to "remain calm" and advised them to "stay invested".
It basically stems from the United States Hiroko OtaJapanese minister for economic and fiscal policy It basically stems from the United States Hiroko OtaJapanese minister for economic and fiscal policy class="" href="/1/hi/business/7201812.stm">Q&A: Stock market falls class="" href="/1/hi/business/7200253.stm">Bear market may be looming
Mr Chidambaram said that "enough liquidity will be provided to the brokers to tide over the present crisis".Mr Chidambaram said that "enough liquidity will be provided to the brokers to tide over the present crisis".
In China, the main Shanghai Composite Index closed down 7.2% at a five-month low, having lost 17% in the past six days of trading.In China, the main Shanghai Composite Index closed down 7.2% at a five-month low, having lost 17% in the past six days of trading.
Trading was also suspended briefly in South Korea, where the market dropped more than 6%, while Hong Kong's Hang Seng index lost more than 8%.Trading was also suspended briefly in South Korea, where the market dropped more than 6%, while Hong Kong's Hang Seng index lost more than 8%.
South Korean shares lost about 5% of their value, with Sydney's market continued its longest losing streak for 26 years, closing 7.1% lower.South Korean shares lost about 5% of their value, with Sydney's market continued its longest losing streak for 26 years, closing 7.1% lower.
Global co-operationGlobal co-operation
The Japanese government said it saw no reason to intervene to support the markets and a Bank of Japan meeting left interest rates unchanged.The Japanese government said it saw no reason to intervene to support the markets and a Bank of Japan meeting left interest rates unchanged.
"Stock markets across the world are falling and it basically stems from the US," said Hiroko Ota, the minister for economic and fiscal policy."Stock markets across the world are falling and it basically stems from the US," said Hiroko Ota, the minister for economic and fiscal policy.
"It is difficult at the moment to mull action by Japan alone. Instead, we should co-operate globally," she said."It is difficult at the moment to mull action by Japan alone. Instead, we should co-operate globally," she said.
The Brazilian stock market - the largest in the region - fell by 6.6%, while Mexico's IPC index fell 5.4%.The Brazilian stock market - the largest in the region - fell by 6.6%, while Mexico's IPC index fell 5.4%.
Brazil's real dropped by 2.5% against the dollar, and Mexico's peso lost 0.9% against the US currency, registering a five-month low.Brazil's real dropped by 2.5% against the dollar, and Mexico's peso lost 0.9% against the US currency, registering a five-month low.
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