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| Version 2 | Version 3 |
|---|---|
| Shares fall on US economy fears | Shares fall on US economy fears |
| (30 minutes later) | |
| Stocks have fallen in Wednesday trading, with Europe following Asian shares lower on renewed fears about the US economy. | Stocks have fallen in Wednesday trading, with Europe following Asian shares lower on renewed fears about the US economy. |
| The UK's FTSE 100 index was down 18 points or 0.3% to 5,850 in initial exchanges, while Germany's Dax had lost 0.6%, and Paris' Cac had fallen 0.4%. | The UK's FTSE 100 index was down 18 points or 0.3% to 5,850 in initial exchanges, while Germany's Dax had lost 0.6%, and Paris' Cac had fallen 0.4%. |
| Japan's main Nikkei 225 index had earlier closed down 4.7%. | Japan's main Nikkei 225 index had earlier closed down 4.7%. |
| The falls echo overnight declines on Wall Street following news that the US service sector is now contracting. | The falls echo overnight declines on Wall Street following news that the US service sector is now contracting. |
| America's main Dow Jones index ended Tuesday trading down 3%. | America's main Dow Jones index ended Tuesday trading down 3%. |
| Both the Nasdaq and S&P 500 indexes also lost 3%. | Both the Nasdaq and S&P 500 indexes also lost 3%. |
| Hong Kong's Hang Seng index was 5.4% lower in Wednesday afternoon trading, while India's BSE was down 3.2%. | |
| 'Bear market' | 'Bear market' |
| "It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong. | "It's unbridled pessimism," said Francis Lun, general manager at Fulbright Securities in Hong Kong. |
| There's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong Kong | There's a real probability that both the US and Europe will go into recession at the same time Francis Lun, general manager at Fulbright Securities in Hong Kong |
| "Everyone is concentrating on a US recession, but Europe is also looking bad. We are in for a bear market now." | "Everyone is concentrating on a US recession, but Europe is also looking bad. We are in for a bear market now." |
| The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector. | The weak US service sector data came from the Institute of Supply Management's index of business activity in the non-manufacturing sector. |
| Its January reading came in at 41.9, the first recorded monthly contraction in almost five years. | Its January reading came in at 41.9, the first recorded monthly contraction in almost five years. |
| With any number above 50 indicating growth, economists had forecast a milder decrease to 53 from 54.4 in December. | With any number above 50 indicating growth, economists had forecast a milder decrease to 53 from 54.4 in December. |
| "There's a real probability that both the US and Europe will go into recession at the same time," added Mr Lun. | "There's a real probability that both the US and Europe will go into recession at the same time," added Mr Lun. |
| "It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle." | "It's a financial mess on the two continents with the sub-prime crisis and the SocGen debacle." |