If yesterday wasn't bad enough the UK's benchmark opened today, yes you've guessed it, lower. The FT...
If yesterday wasn't bad enough the UK's benchmark opened today, yes you've guessed it, lower. The FTSE is 16.3 points down at 5609.3 with losses for telecommunication and technology stocks. Vodafone gave up 4.75p at 197.5p, ARM fell 5.6p to 311p and Energis 7p to 318p.
In the US the nightmare on Wall Street shows no sign of abating. With the Dow Jones fell below 10,000 and the Nasdaq below 2000 in addition to London's rocky performance yesterday all that's needed now is for Freddy Krueger to jump from the shadows and send the markets crashing.
The Dow closed down 317.34 points to 9973.46 and the Nasdaq lost 42.69 to 1972.09 while the Standard & Poor 500 slipped 30.95 to 1166.71 with every one of its sectors in decline.
Bank and other financials were among the stocks hardest hit. Citigroup lost $3.49 to 44.90, American Express fell $3.15 to 38.48 and Wells Fargo slipped $2.89 to 46.56.
Northwest Airlines fell 94 cents to $19.75 on admission it expects to lose as much as $150m in the first quarter, more than double the figure predicted by analysts, due to a slowdown in the business travel. The news had a knock on effect to Delta and American Airlines parent AMR lost $1.59 to 39.87 and $1.49 to 32.81 respectively.
After fast food giant McDonalds said first quarter and full year profit is likely to fall short of analyst forecasts it lost 24 cents to $27.75.
The Asian markets reacted in varying ways to the US market declines. Japan's Nikkei 225 fell 309.24 to 12,152.83 while Hong Kong's Hang Seng index climbed 151.90 to 13,488.68.
Japanese financial stocks dragged the country's benchmark index lowern with losses for Sanwa, which fell 1.9% to 682 yen, Tokai down 0.5% to 406 yen and Toyo Trust & Banking 2.2% lower at 318 yen.
In Hong Kong the biggest property development group, Cheung Kong, gained 2.9% to HK$89.75 and Sun Hung Kai Properties put on 2% to finish at HK$77.50. The Singapore Straits Times fell 0.1% to 1790.79 with DBS 1.2% lower at S$17.20 while Australia's ASX200 lost 0.6% at 3242.90.
By Gary Jarvis
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