Cattles loses big on warning
European equities markets saw substantial losses Friday on renewed worries about the economy in general and on concerns about the financial sector in particular.
The FTSE 100 dropped 3.22 percent to 3,889.06 in London, closing below 4,000 for the first time in three months, while the FTSE 250 was down 3.36 percent to 6,008.82.
Consumer finance group Cattles (LSE: CTT) was by far the worst performer on the session in London as it plummeted 73.58 percent after it warned that its full-year profits will be much lower than had been anticipated.
The FTSE Eurofirst 300 was down 3.67 percent to 735.74 while the IBEX fell 3.46 percent to 7,603.6, the CAC-40 was 4.25 percent lower to 2,750.55 and the Dax dropped 4.76 percent to 4,014.66.
Most Asia-Pacific markets were also lower on the session.
In Tokyo, the Topix index had its lowest close in 25 years as it dropped 1.6 percent to 739.53 while the Nikkei 225 was down 1.87 percent to 7,416.38 and the Mothers market dropped 1.61 percent to 297.3.
In Australia the Sydney Ordinaries fell 1.32 percent to 3,353 while the S&P/ASX200 was down 1.35 percent to 3,402.4.
Taiwan’s Taiex was 2.03 percent lower to 4,436.94, the Straits Times Index was down 2.11 percent to 1,594.94, the Sensex fell 2.21 percent to 8,843.21 in India, the Hang Seng dropped 2.42 percent to 1,765.52, and South Korea’s Kospi was down 3.72 percent to 1,065.95.
In China, the Shanghai Composite added 1.54 percent to 2,261.48.
New York markets were also lower in afternoon trade.
The Dow Jones Industrial Average was down 2.26 percent to 7,297.09 at just past 2 p.m. in New York while the Nasdaq Composite was 1.38 percent lower to 1,422.87 and the S&P 500 had dropped 2.36 percent to 760.56.
Gold prices were above $1,000 per troy ounce for the first time in nearly a year and other precious metals followed gold higher, but copper and crude oil prices fell on the session.
The yen and the US dollar were stronger as investors backed away from risk.
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