Archive for the ‘FTSE’ Category

London’s FTSE 100 falls sharply on recession fears

October 16, 2008

Shares prices in FTSE 100 in London opened down sharply as fears of recession gripped markets worldwide.

By Alistair Osborne and Edmund Conway
The Telegraph (UK)

With Japanese shares suffering their biggest loss in two decades, investors were in no mood to hold stocks and within minutes of the start the FTSE 100 index of leading shares fell 236 points – or 5.8pc – to 3840.

Miners, travel companies and retailers were among the biggest fallers as markets focussed on an economic slowdown. TUI Travel slid 18.8pc, platinum miner Lonmin 17pc and plumbing group Wolseley 13pc.

Markets have been spooked the effect of a slowdown on trade as America reported worse-than-expected US retail sales, unemployment rocketed in Britain and increasing evidence of falling demand from China’s once booming economy.

Tokyo’s Nikkei 225 index plunged 11.41pc to close at 8458, as growing fears of a global recession hammered world markets.

South Korea, whose export-driven economy is in crisis, with the won in freefall and Standard & Poor’s saying it might cut credit ratings for the country’s leading banks, saw the Kospi index fall 9.4pc in the afternoon, heading for its worst day ever.

Hong Kong’s Hang Seng index was down 7.6pc, with mainland Chinese firms exposed to falling commodity prices worst hit. Australia’s benchmark S&P/ASX 200 fell 6.7pc and New Zealand’s NZX-50 4.8pc to 2,765, its lowest level since September 2004.

Sentiment is grim. “Don’t stand in front of the freight train,” said Sonray Capital Markets chief economist Clifford Bennett in Tokyo. “This is clearly a panic with further to go. The equity market game has fundamentally changed.”

Read the rest:
http://www.telegraph.co.uk/finance/markets/
3207907/Financial-crisis-FTSE-100-falls-sharply-
on-recession-fears.html

Asian, International Stocks Slip as Global Recession Fears Rise

October 15, 2008

By Kevin Plumberg

HONG KONG (Reuters) – Most Asian stock markets fell 1-3 percent while gold rose on Wednesday on investor worries of lower corporate earnings in a weakening global economy, even as money markets continued to heal gradually.

Major European share markets were expected to open as much as 2 percent down , according to financial bookmakers, after the FTSEurofirst 300 index rose nearly 14 percent in the last two days.

A stock trader negotiates in the iBovespa future index pit in ... 
A stock trader negotiates in the iBovespa future index pit in Sao Paulo, Brazil. Across the world, leading central banks have slashed interest rates in a coordinated effort to bring calm to global financial markets, amid dire warnings of economic pain ahead.(AFP/Mauricio Lima)

Oil prices were not far from a 12-month low hit on Friday while the yen and U.S. Treasuries climbed, reflecting fears the damage that the financial crisis inflicted on the global economy is still working its way through the system.

Quarterly reports have begun to trickle in, with JPMorgan Chase & Co and Merrill Lynch set to post their results this week. Investors will be focused on the outlook and whether most expectations for a rebound in 2009 will have to be reined in.

“While the financial system crisis appears to be heading in a positive direction, the economy appears to be increasingly bad, and this is raising worries about company earnings. We still don’t know how much these might be hit,” said Hiroaki Osakabe, a fund manager at Chibagin Asset Management in Tokyo.

The MSCI index of Asia-Pacific stocks outside of Japan fell 2.2 percent and is down 12.5 percent so far in October.

Hong Kong’s Hang Seng index…

Read the rest:
http://news.yahoo.com/s/nm/20081015/ts_nm/us_mar
kets_global;_ylt=Ap9Ao2IQwtYON9r_wAfVKNas0NUE