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World stocks plunge
May 7, 2010
US stocks fell as much as 9 per cent in the last two hours of trading on Thursday before recovering slightly. -- PHOTO: AFP
ATHENS/LONDON - STOCKS worldwide plunged as concerns about Greece's debt crisis went global, with investors seeing it as an omen of turmoil in other European economies and governments struggling to calm markets.
The Group of Seven finance ministers were due to discuss the Greek bailout in a conference call on Friday after Federal Reserve officials expressed concern and the White House said President Barack Obama was watching developments closely.
Euro zone leaders were to hold a special summit, and the German parliament was set to approve its share of the 110 billion euro (S$195 billion) bailout on Friday morning. Italy's cabinet gave initial approval, and the Dutch parliament was expected to vote for the package later in the day.
Chancellor Angela Merkel talked of a 'battle' between governments and markets. EU monetary affairs chief Olli Rehn compared Greek insolvency to the financial crisis 18 months ago.
European shares plunged to a three-month low in early trade on Friday after Asian stocks sank. US stocks fell as much as 9 per cent in the last two hours of trading on Thursday, possibly partly due to a suspected trading glitch, before recovering slightly.
European bank shares extended losses and the cost of insuring their debt reached levels not seen since the height of the crisis in 2009.
Sterling hit a one-year low against the dollar and tumbled against the euro after incomplete results of a UK general election suggested no party had emerged as a clear winner, raising the risk of a political stalemate that could hamper efforts to reduce the country's huge public debt. The euro steadied after the United States said the Group of Seven ministers would discuss Greece in a phone call. - REUTERS
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_523826.html
May 7, 2010
US stocks fell as much as 9 per cent in the last two hours of trading on Thursday before recovering slightly. -- PHOTO: AFP
ATHENS/LONDON - STOCKS worldwide plunged as concerns about Greece's debt crisis went global, with investors seeing it as an omen of turmoil in other European economies and governments struggling to calm markets.
The Group of Seven finance ministers were due to discuss the Greek bailout in a conference call on Friday after Federal Reserve officials expressed concern and the White House said President Barack Obama was watching developments closely.
Euro zone leaders were to hold a special summit, and the German parliament was set to approve its share of the 110 billion euro (S$195 billion) bailout on Friday morning. Italy's cabinet gave initial approval, and the Dutch parliament was expected to vote for the package later in the day.
Chancellor Angela Merkel talked of a 'battle' between governments and markets. EU monetary affairs chief Olli Rehn compared Greek insolvency to the financial crisis 18 months ago.
European shares plunged to a three-month low in early trade on Friday after Asian stocks sank. US stocks fell as much as 9 per cent in the last two hours of trading on Thursday, possibly partly due to a suspected trading glitch, before recovering slightly.
European bank shares extended losses and the cost of insuring their debt reached levels not seen since the height of the crisis in 2009.
Sterling hit a one-year low against the dollar and tumbled against the euro after incomplete results of a UK general election suggested no party had emerged as a clear winner, raising the risk of a political stalemate that could hamper efforts to reduce the country's huge public debt. The euro steadied after the United States said the Group of Seven ministers would discuss Greece in a phone call. - REUTERS
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_523826.html
