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Global stocks suffer brutal losses
Hong Kong shares plunge 13% as fears of global recession sweep markets.
Nikkei closes at 26-year low.
By CNNMoney.com staff
Last Updated: October 27, 2008: 6:57 AM ET
LONDON (CNNMoney.com) -- Stock around the world took another heavy beating Monday,
with shares in Japan falling to their lowest level in 26 years, as fears of a global recession
continued to sweep markets.
U.S. futures, which offer an indication of how Wall Street may open when trading begins
in New York, were sharply lower.
European shares tumbled, with Britain's FTSE 100 down 4.8% in midday trading.
The CAC-40 in Paris was down 6.5% and Germany's DAX fell 4%
In Asia, Japan's benchmark Nikkei index finished the session 6.4% lower --
its worst closing level since October 1982. Hong Kong shares were pummeled,
with the Hang Seng index plunging 12.7%.
Tokyo shares were hit hard as the yen fluctuated near a record high against the dollar.
A rising yen makes Japanese exports relatively more expensive.
The yen's appreciation spurred financial ministers and central bank presidents of
the world's seven leading industrialized nations to issue a statement Monday expressing
their worries about the situation.
"We are concerned about the recent excessive volatility in the exchange rate of
the yen and its possible adverse implications for economic and financial stability,"
the Group of Seven said in a statement.
Elsewhere in Asia, the KOSPI in Seoul, South Korea, was the lone bright spot,
closing up nearly 1%.
The index rallied after South Korea's central bank slashed its key interest rate Monday
by three-quarters of a percentage point - its largest cut ever - in an effort to fend off
the global financial turmoil.
The world's leading nations have taken unprecedented coordinated actions
in the past month to help out battered financial markets.
In the U.S., the Federal Reserve has tried to get credit flowing by announcing plans
to lend perhaps $1 trillion or more to major businesses through the use of commercial paper,
the primary form of borrowing large companies use to fund their day-to-day operations.
Many also expect the U.S. central bank to cut its key short-term interest rate,
currently at 1.5%, to 1% at the conclusion of its two-day meeting which ends Wednesday.
Despite the recent efforts to shore up confidence, stocks have sold off on fears
that a worldwide recession is imminent - if not already underway.
The Dow Jones Industrial Average lost 312 points, or 3.6%, Friday.
The Standard & Poor's 500 index lost 3.5%, and the Nasdaq composite lost 3.2%.
For the week, the blue-chip Dow lost 5.3%, the S&P 500 lost 6.8% and the Nasdaq fell 9.3%.
Investors are bracing for another volatile week, with several economic reports on tap.
Key readings in the week ahead include reports on consumer confidence,
gross domestic product, and personal income and spending.
Oil prices slumped again. U.S. crude for December delivery tumbled $2.22 to $61.93 a barrel
in electronic trading on the New York Mercantile Exchange.
The dollar rose against the euro and British pound but fell against the yen.
CNN Wires and The Associated Press contributed to this report.
First Published: October 27, 2008: 3:50 AM ET
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