Japan's main stock market index dropped to a 20-year low today thanks to George W. Bush's threat of ...
Japan's main stock market index dropped to a 20-year low today thanks to George W. Bush's threat of going to war with Iraq and without the support of other UN Security Council members.
In the UK, trading is not much better right now as concerns about this year's potential advertising revenue have pushed the FTSE 100 down again today.
WPP's US rival and second-largest owner of advertising agencies, Interpublic Group of Cos, yesterday said fourth quarter profits slumped.
The FTSE 100 is so far down 45.2 points or 1.3% to 3510.2 but things could yet get worse as HSBC may yet be downgraded by Standard & Poor's if bad loans continue to rise at the bank and its insurance unit keeps draining assets.
HSBC has dropped 0.8% to 659p and, in turn, has affected other banks. Royal Bank of Scotland Group has lost 1.4% to 1380p and HBOS is down 2.3% to 636p.
WPP has also lost 3.5%to 355p because Interpublic expects "weak demand" for its services over the rest of the year.
There are some stocks rising this morning, including the owner of a pub chain, JD Wethersppon, which saw first-half profit gain 2.7%. Its value climbed 8p or 45.9% to 171.5p.
Ground engineering firm Keller Group has also jumped 11p or 4.5% to 253.5p as its profits are up 23% in 2002, thanks to acquisitions and contract wins.
And Marshalls, the company which is making a lot of money out of the repaving of Trafalgar Square, also saw its profits increase 17% in 2002, so its share value is up 3.5p or 1.7% to 213.5p.
In Asia, however, confidence is low as there are concerns about the impact of US war with Iraq on profit margins and sales potential.
The Nikkei slid 2.7% to 8144.12, its lowest level since March 15th 1983, hitting Honda and LG Electronics hardest.
The Singapore's Straits Times index also fell 1.4% to its lowest close in almost 4 ½ years after Intel, the world's largest computer chip manufacturer, also said sales may fall because of missed orders.
South Korea's Kospi index also lost 1.7% to a 16-month low while Australia's S&P/ASX 200 index slipped to its lowest level in 3 ½ years.
In the US, trading ended down yesterday on all indices. The Dow Jones closed down 101.61 points or 1.31% to 7673.99 while the S&P 500 index lost 7.75 or 0.93% to 822.10 and the Nasdaq fell 11.51 points or 0.88% to 1302.89.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till