Fears over global economy sends stock markets down

| June 23, 2009 | 0 Comments
Fears over global economy sends stock markets down

Stock markets in Asia have experienced a fall in today’s trading after yesterday’s World Bank report provided a gloomy assessment.

Both the US and Europe experienced declines yesterday following the report which predicted that the global economy would contract by almost 3% this year - revised from an earlier forecast of 1.7%.

London’s FTSE 100 lost over 100 points to close at 4234 yesterday, while the Dow Jones fell 201 points to 8339 - the biggest fall on Wall Street in two months.

Today, Japan’s Nikkei index was 3.4% lower, while Hong Kong’s Hang Seng fell 3.16%.

Global oil and metal prices were also hit by the downbeat outlook as the World Bank said emerging economies are slowing.

Meanwhile, shares in Australia have also been hit with the main index losing 3%. Energy analyst Ben Westmore of National Australia Bank in Melbourne described the World Bank report as an “unpleasant surprise“.

Tags: , , , , , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 2138 times, 1 so far today