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Thursday 20th of November 2008
October 10, 2008

Royal Bank of Scotland in steep decline


by Elaine Frei
Royal Bank of Scotland in steep decline

European equities markets saw another day of steep declines Friday.

In London, the FTSE 100 was down 8.85 percent to 3,932.06, closing below 4,000 for the first time in five years, while the FTSE 250 dropped 5.59 percent to 6,778.31.

Banks were hard-hit, with Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) down 14.17 percent as HBOS (LSE: HBOS) fell 19.09 percent and RBS (LSE: RBS; NYSE: RBS PRM) dropped 25.31 percent.

Elsewhere in the region, the FTSE Eurofirst 300 was down 7.83 percent to 849.29 while the Dax fell 7.01 percent to 4,544.31, the CAC-40 was 7.73 percent lower to 3,176.49 and the IBEX dropped 9.14 percent to 8,997.7.

Equities markets also continued their declines in the Asia-Pacific region.

In Tokyo, the Nikkei was down 9.62 percent to 8,276.43 while the Topix index fell 7.1 percent to 840.86 and the Mothers market dropped 6.5 percent to 269.41.

The Shanghai Composite was down 3.57 percent to 2,000.57 while the Kospi fell 4.13 percent to 1,241.47, the Sensex was 7.07 percent lower to 10,527.85, the Hang Seng was down 7.19 percent to 14,796.87, and the Straits Times Index dropped 7.34 percent to 1,948.33.

In Australia, the Sydney Ordinaries fell 8.2 percent to 3,939.5 while the S&P/ASX200 dropped 8.34 percent to 3,960.7 on the session.

Wall Street was down sharply again in early afternoon trade, but the Dow Jones Industrial Average was up from earlier lows after it fell by almost 700 points at the beginning of the session.

The Dow was down 5.22 percent to 8,088.32 at around 2:30 p.m. in New York and the Nasdaq Composite had fallen 5.8 percent to 1,549.73, while the S&P 500 had dropped 6.92 percent to 846.99 on its way to its eighth consecutive losing session in a row and its worst week in history.

Crude oil prices lost around 10 percent in New York while metals prices plunged and grains prices were down steeply, with corn and soybeans both dropping by their daily limits.

The yen strengthened on flight from risk while the pound weakened on the session.

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