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October 16, 2008    

Thomas Cook in biggest decline on FTSE 100

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by Elaine Frei
Thomas Cook in biggest decline on 100

European equities markets saw another day of sharp declines on concerns that US and European bailout plans will not be enough to hold off a recession.

The FTSE 100 was down 5.35 percent to 3,861.39 in London while the FTSE 250 dropped 5.43 percent to 6,342.71.

The biggest declines on the 100 came in the travel sector, where TUI Travel (LSE: TT) dropped 22.16 percent and Thomas Cook (LSE: TCG) was down 23.26 percent.

The Eurofirst 300 was down 5.01 percent to 858.41 while the IBEX fell 4.11 percent to 9,308.2, the Dax was 4.91 percent lower to 4,622.81 and the CAC-40 dropped 5.92 percent to 3,181.

Equities markets in the Asia-Pacific region declined again on continuing concerns that a recession is just around the corner for the global economy, if not already here.

In Tokyo, the Nikkei 225 was down 11.41 percent to 8,458.45 while the Topix index fell 9.52 percent to 864.52 and the Mothers market of small and mid-caps dropped 4.02 percent to 303.87.

Elsewhere in the region India’s Sensex was down 2.11 percent to 10,581.49 while the Taiex fell 3.25 percent to 5,075.97, the Shanghai Composite was 4.25 percent lower to 1,909.94, the Hang Seng was down 4.8 percent to 15,230.52 and the Straits Times Index dropped 5.25 percent to 1,951.2.

In Australia, the Sydney Ordinaries fell 6.66 percent to 3,988.1 and the S&P/ASX200 was down 6.67 percent to 4,013.4 while in South Korea the Kospi dropped 9.44 percent to 1,213.78.

At just past 1:30 p.m. in New York, markets were lower in a day that saw the indexes fluctuate between gains and losses.

The Dow Jones Industrial average was 1.22 percent lower at 1:35 p.m., to 8,473.65, while the Nasdaq Composite was down 0.06 percent to 1,627.39 and the S&P 500 had dropped 1.12 percent to 897.67.

Crude oil prices were down once again, as were most metals, while grains prices were mixed.

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