Shares in freefall over Greek contagion fears
Global shares have continued to decline due to ongoing fears of contagion from Greece’s debt crisis.
Asian shares fell sharply yesterday after fears grew that the crisis would spread to other European countries.
Ratings agency Moody’s said European banking systems faced “very real, common threats” from the fallout from Greece.
However, it seems that fears continue to grow after the Dow Jones yesterday was down by more than 9% at one point – its worst fall since 1987.
In Asia meanwhile, Japan’s Nikkei index lost 3.1%, while Australia’s main index fell 2%. South Korea’s Kospi fell by 2.2%, while China’s Shanghai index fell 1.9%. Shares in Hong Kong, Taiwan and Singapore also saw falls.
Not only did shares fall, the dollar lost 6% against the yen, while oil prices fell to levels not seen since earlier this year to $77.11 a barrel.
In the UK, the pound lost ground against the dollar and the euro over fears of a hung parliament as results started to emerge from the general election.