Newspaper article The Evening Standard (London, England)

Stocks in Freefall around the World

Newspaper article The Evening Standard (London, England)

Stocks in Freefall around the World

Article excerpt

Byline: HUGO DUNCAN, BILL CONDIE

STOCK markets worldwide plummeted tonight as the global economy plunged towards recession.

The FTSE 100 index fell 248.17 points, or 6%, to 3839.66 while markets in Paris and Frankfurt were also sharply down following massive losses in Asia. In New York, the Dow Jones Industrial Average was down 288.88 points at 8402.37.

"The panic levels are now quite unseen," said Christian Gattiker of Bank Julius Baer in Zurich.

"It's difficult to have any words for this situation right now." The Footsie is now 2890 points or ?665 billion off its peak in October last year while the Dow has crashed from its 2007 high of above 14,000.

Fears over the future of developing economies smashed shares of emerging market banking giants HSBC and Standard Chartered.

The two lenders have so far been relatively unscathed by the turmoil because of their focus on developing economies, but the sudden eruption of the economic crisis this week in countries from South Korea and Belarus to Argentina and Pakistan has triggered worries about their future profits. …

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