Business | Markets

Markets across globe decline

Dollar pares some gains against the euro and yen on Wachovia acquisition news.

  • Agencies
  • Published: 03:07 September 30, 2008
  • Gulf News

New York/London: Financial markets endured another difficult start on Monday ahead of a planned House vote on an unpopular $700 billion plan to rescue troubled financial companies and as investors examined a deal for Wachovia Corp.

The Dow Jones industrial average fell more than 300 points, while demand for safe-haven buying in government debt remained high ahead of the vote.

In midmorning trading, the Dow fell 272.72, or 2.45 per cent, to 10,870.41 after having been down more than 350.

Broader stock indicators also fell. The Standard & Poor's 500 index declined 41.31, or 3.41 per cent, to 1,171.96, and the Nasdaq composite index fell 92.36, or 4.23 per cent, to 2,090.98.

European shares fell further in late trade yesterday with banks the main drag on the benchmark index amid persistent worries about the health of the financial industry on both sides of the Atlantic.

At 1525 GMT, the FTSEurofirst 300 index of leading European shares was down 5.0 per cent at 1,049.25 points, having hit 1,048.12 points - its lowest level since January 2005.

In Asia, Tokyo's Nikkei 225 index was down 1.3 per cent at 11,743.61, and Hong Kong's Hang Seng Index shed 2.1 per cent to 18,286.90. Tokyo's Nikkei 225 index was down 1.3 per cent at 11,743.61, and Hong Kong's Hang Seng Index shed 2.1 per cent to 18,286.90.

The US dollar pared some gains against the euro and yen on Monday on news Citigroup Inc will acquire the bulk of Wachovia Corp's assets and liabilities.

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