Nov 27, 2009
Europe shares plunge
Across Europe, the FTSE 100 index was down 3.2 per cent, Germany's DAX was 3.3 per cent lower and France's CAC 40 was down 3.4 per cent. -- PHOTO: REUTERS
LONDON - EUROPEAN shares slipped 3.3 per cent on Thursday to record their biggest one-day percentage drop in seven months as concerns about debt problems in Dubai weighed on the market, with banks the major fallers.
The pan-European FTSEurofirst 300 index of top shares closed down 33.81 points at 988.14 - its lowest close in three weeks.
Dubai, whose extravagant building projects have been largely put on hold since the start of the global financial crisis, said on Wednesday it would ask creditors at its flagship firms Dubai World and property developer Nakheel to delay repayment on billions of dollars of debt.
Banks took the most points off the index on concerns about their potential exposure to debt problems in Dubai. HSBC, Banco Santander, BNP Paribas, Barclays and Credit Suisse were down 3.3 to 8 per cent.
Other financials moved lower on Dubai exposure concerns. London Stock Exchange fell 7.4 per cent and Dutch insurer Aegon lost 7.7 percent.
Across Europe, the FTSE 100 index was down 3.2 per cent, Germany's DAX was 3.3 per cent lower and France's CAC 40 was down 3.4 per cent. -- THOMSON REUTERS
Europe shares plunge
Across Europe, the FTSE 100 index was down 3.2 per cent, Germany's DAX was 3.3 per cent lower and France's CAC 40 was down 3.4 per cent. -- PHOTO: REUTERS
LONDON - EUROPEAN shares slipped 3.3 per cent on Thursday to record their biggest one-day percentage drop in seven months as concerns about debt problems in Dubai weighed on the market, with banks the major fallers.
The pan-European FTSEurofirst 300 index of top shares closed down 33.81 points at 988.14 - its lowest close in three weeks.
Dubai, whose extravagant building projects have been largely put on hold since the start of the global financial crisis, said on Wednesday it would ask creditors at its flagship firms Dubai World and property developer Nakheel to delay repayment on billions of dollars of debt.
Banks took the most points off the index on concerns about their potential exposure to debt problems in Dubai. HSBC, Banco Santander, BNP Paribas, Barclays and Credit Suisse were down 3.3 to 8 per cent.
Other financials moved lower on Dubai exposure concerns. London Stock Exchange fell 7.4 per cent and Dutch insurer Aegon lost 7.7 percent.
Across Europe, the FTSE 100 index was down 3.2 per cent, Germany's DAX was 3.3 per cent lower and France's CAC 40 was down 3.4 per cent. -- THOMSON REUTERS
