It continuesRTGAM
Global stock market indexes fell on Monday, continuing the sharp selloff that alarmed investors around the world on Friday, when fears of a long recession sent major indexes to new lows.U.S. stock index futures were sharply lower with about an hour before markets open, suggesting stocks will fall at the start of trading. Futures for the Dow Jones industrial average fell 195 points, to 8066. Futures for the broader S&P 500 fell 25 points, to 841.
In Europe, the U.K.'s FTSE 100 fell 3.2 per cent and Germany's DAX index fell 3.6 per cent in afternoon trading. In Asia, Japan's Nikkei 225 fell 6.4 per cent in overnight trading.There wasn't a lot of negative news to send the markets lower. Indeed, Verizon Communications reported quarterly earnings that matched analysts' expectations.Crude oil continued its decline, falling to $61.87 (U.S.) a barrel, down $2.28. With oil down more than 50 per cent since the summer,
The Wall Street Journal reported that even oil-rich Persian Gulf states are beginning to suffer from the financial crisis that has claimed victims around the world. On Sunday, Kuwait guaranteed bank deposits and bailed out one of its largest banks.At the same time, Saudi Arabia announced plans to help low-income borrowers with $2.3-billion in loans.
And Dubai, which is attempting to transform itself into the cultural and financial hub of the region, real estate brokers are apparently seeing softer real estate prices and a lack of financing.Copyright 2001 The Globe and Mail