Shares Sell-off amid Fears over US Recovery and Greek Downgrade
THE GUARDIAN: Fears that the US economy is lurching towards a double-dip recession sent world stock markets falling sharply on Thursday morning.

The sell-off that began in London and New York on Wednesday gathered pace, as traders reacted to warnings that the world's biggest economy is running out of steam.

The latest downgrade of Greece's credit rating also dampened spirits, with a Greek default now seen as a 50:50 chance.

The FTSE 100 index of blue chip shares shed 65 points, or over 1%, at the start of trading to 5863, with other major European indices also bathed in red. This followed losses across Asia, as investors across the globe reacted to the worst day's trading in New York in almost a year.

In Japan, the Nikkei tumbled 1.7% to 9,555.04 with exporters leading the losers. Confidence was also knocked in Tokyo by the "no confidence" vote in the embattled Japanese prime minister Naoto Kan over his handling of the earthquake and nuclear crisis at the Fukushima plant. Kan survived the ballot, but has offered to quit once Japan's economy is in better shape.

"I think right now there's almost a market consensus of the slowing down of economic growth around the world," said Linus Yip, a strategist at First Shanghai Securities in Hong Kong told Associated Press. » | Fiona Walsh, business editor | Thursday, June 02, 2011

Greece Fears, Trading Glitches Roil Stocks

Stocks Plunge, Fear Returns

Global Shares Dive as US Recession Deepens
TIMES ONLINE: Shares across the UK, America and Europe tumbled today after it emerged that the US economy shrank at the fastest rate since 1982 in the final three months of last year, far worse than the US Government had initially estimated.

Gross domestic product (GDP) fell at an annual rate of 6.2 per cent between October and December, above initial estimates of a 3.8 per cent decline during the fourth quarter of 2008.

In response, London's FTSE 100 index plunged further below the 4,000 level today, losing 127.35 points to 3,788.29 and America's Dow Jones industrial average fell 132.45 points to 7,049.63.

Investors in Germany and France also took fright - Frankfurt's Dax fell 4.1 per cent while French-listed stocks dropped 3.3 per cent to 2,654.52.

With President Obama's fiscal stimulus packages not expected to become effective until the second quarter of this year, Wall Street is expecting growth numbers for the current quarter of 2009 to be as bad as the last three months of 2008.

According to the new GDP numbers, the US economy actually contracted by 6.2 per cent - the worst showing in 27 years - at the end of last year because American exports plunged by more than expected and the US consumer stopped spending.

The worse than expected numbers show that the US economy is struggling to cope on two fronts - on one side, foreign markets have applied the brakes to buying US goods as their own economies plunge deeper into recession.

On the other front, Americans have become so anxious that they may also join the soaring numbers of unemployed that they have stopped spending on all but essential items such as food and petrol. >>> Grainne Gilmore | Friday, February 27, 2009

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Asia Stocks Fall on Growing US Economic Fears
TIMES ONLINE: Asian stocks fell heavily on Tuesday following last night's sharp decline in American shares. Investors responded to fears that the world's largest economy is sinking further into recession and speculation that the US Government may be forced to buy stakes in ailing banks, despite assurances from Washington that lenders would not be nationalised.

Japan's Nikkei Index fell by 1.5 per cent to a four-month low, narrowly avoiding a slide to below 7,000 for the first time in 26 years, closing at 7,268.56. In Hong Kong, the Hang Seng lost 461.46 points, or 3.5 per cent, to end the day at 12,713.64. Last night, the Dow Jones industrial average fell to an 11-year low, losing 250.89 points to 7,114.78.

Japanese shares remained in the red for the day despite hints from Kaoru Yosano, the newly appointed Finance Minister, that the Government may be working on more measures to support the domestic share market. "The side-effects of falling stock prices are worse than expected,” said Mr Yosano. “We are witnessing many negative wealth effects with impaired assets held by banks and insurance firms.”

Japan's Government is understood to be mulling over plans to buy falling stocks with money from the public purse in an effort to keep prices buoyant. >>> Leo Lewis, Asia Business Correspondent | Tuesday, February 24, 2009

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Dow Tumbles on Bank Nationalisation Fears
THE TELEGRAPH: America's leading Dow Jones Industrial Average touched a new bear-market low last night as investor concern that a number of major banks may be nationalised reached fever-pitch and sent banking shares to 17-year-lows.

The Dow Jones index touched a new low for the current bear market following a number of near-misses earlier in the week, closing down 89.68 points – or 1.17pc – at 7,465.95. The closing level was some 87 points below the previous low in the current bear market – of 7552.29 on November 20.

The benchmark index was dragged down on fears over the solvency of a number of major banks, including Citigroup and Bank of America, both of which ended the day 14pc lower. The KBW banking sector index fell to its lowest level in 17 years as a result. >>> By James Quinn, Wall Street Correspondent | Friday, February 20, 2009

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US Shares Dive on Doubts over Rescue Stimulus
TIMES ONLINE: US shares plunged by nearly 280 points in early trading today as investors grew nervous that President Obama’s financial stimulus plan will not be enough to boost the world's largest economy and carmakers may not be able to stave off collapse.

The Dow Jones industrial index plunged by 276.94 points to 7,573.47 points within half an hour of the US stock market opening — the first day of trading since Friday after being closed on Monday for Presidents Day.

At the same time, concerns over America's deepening recession, and the effect it may have on demand for energy, sent oil prices down more than $2 to $35.37 a barrel. >>> | Tuesday, February 17, 2009

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