World markets tumble on renewed economic fears

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Associated Press
November 6, 2008

LONDON – European stock markets traded sharply lower Thursday following overnight losses in Asia, as investors fretted about the global economy ahead of expected interest rate reductions later from the European Central Bank and the Bank of England.

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The FTSE 100 index of leading British shares was down 180.42 points, or 4.0 percent, at 4,350.31, while Germany’s DAX was 214.99, or 4.2 percent, lower at 4,951.88. France’s CAC-40 was down 145.06 points, or 4.0 percent, at 3,473.05.

Europe’s losses echoed those seen on Wall Street Wednesday and in Asia overnight. The Dow Jones industrial average fell 486.01, or 5.1 percent, to 9,139.27, while the Standard & Poor’s 500 index shed more than 5 percent.

It’s not expected to get much better later, with stock futures down. Dow futures were down 107 points, or 1.1 percent, at 9,070, while S&P futures were 12.9 points, or 1.4 percent, lower at 945.1.

The losses on Wall Street triggered a renewed bout of selling in Asia with Japan’s Nikkei stock average down 6.5 percent at 8,899.14, and Hong Kong’s Hang Seng Index 7.1 percent lower at 13,790.04.

“Equities are back in reverse… as traders fail to find any letup in the run of downbeat economic and corporate news,” said Matt Buckland, a dealer at CMC Markets.

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