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Stock markets plunge worldwide

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LONDON - Stocks fell sharply worldwide Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.

 

U.S. markets were closed for Martin Luther King Jr. Day, but the downbeat mood from last week's market declines there circled through Europe, Asia and the Americas. Britain's benchmark FTSE-100 slumped 5.5 percent to 5,578.20, France's CAC-40 Index tumbled 6.8 percent to 4,744.15, and Germany's blue-chip DAX 30 plunged 7.2 percent to 6,790.19.

 

In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.

 

Canadian stocks fell as well, with the S&P/TSX composite index on the Toronto Stock Exchange down 4 percent in early afternoon trading. In Brazil, stocks plunged 6.9 percent on the main index of Sao Paulo's Bovespa exchange.

 

Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.

 

Here we go!

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I thought that he did with all the stealth taxes.

Trouble is, that Tony spent it buying popularity at home and abroad. :x

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Talking of BUYING popularity abroad: whilst this Government hasn't got the money to honour Police and other pay agreements; Brown's been doling out cash like it's going out of fashion - Chinese = ?50million and India ?850million. :wink:

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pity the dunderheads leading this country do not realise that inflation has been caused by the robber baron brown and his totally unnecessary fuel taxes. This has caused all sorts of price increases.

lets see some tax reductions income tax starting at ?25000 for starters

no freebies for the parasite members of parliament and no pay rise until they have got us out of the mess they have created

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