Thursday, Oct 16, 2008
The FTSE 100 dropped more than 5% in early trading today as fears of a global recession spread through the world’s stock markets.
The top companies’ index fell 211.6 points to 3868 – its lowest point for more than five years after Wednesday’s 7% loss.
Earlier the Japanese stock market suffered its biggest losses in two decades.
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Tokyo’s Nikkei plunged 11.41% by the close or trading, wiping out most of its gains earlier in the week.
It was its steepest fall since the “Black Monday” crash in October 1987 and the second biggest percentage drop in the index’s history.
Hong Kong’s Hang Seng slumped 7.6% in overnight trading and there were similar falls in Singapore, Seoul and Australia.
They came after Wall Street suffered its worst percentage drop in two decades and its second-largest points loss ever.
The Dow Jones sank 7.87% on Wednesday after official figures showed US retail sales were down 1.2% in September.
This article was posted: Thursday, October 16, 2008 at 4:00 am