China's stock market became the worst major performing index in the world for 2008, ending the year down 65%, The Times reports.
The annual drop, triggered by a broadening global economic malaise that has punctured China's unprecedented economic boom, was the biggest in the index's 18-year history, wiping out nearly $3trn in market value - not far off the total value of the country's $3.4trn annual gross domestic product.
Shanghai's benchmark composite Index dropped 0.66% today to end the year at 1,820.8 points.
AMERICAN HOUSE PRICES FELL BY their fastest rate on record last month amid deep pessimism over the economy and the expectation of the worst Christmas shopping figures for 40 years, writes The Times.
The data reveal that the world's biggest economy shows no sign of recovery. This will increase pressure on Barack Obama, the US President Elect, to slash the rate of income tax as soon as he enters the White House on January 20.
According to the S&P Case-Shiller index - widely seen as the most authoritative measure of residential property values across America - house prices in the 20 US cities it surveys plunged 18% in October, compared with the same month the year before. Prices fell 2.2% in October against September.IFAonline
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