Friday, October 10, 2008

GLOBAL COLLAPSE

European markets fell more than 10 percent at their opening but were coming off their lows later.

In morning trading, the DJ Euro Stoxx 50 index, a barometer of blue chips in the euro zone, was down 8 percent. The FTSE 100 index in London was down 6.2 percent, he CAC-40 in Paris was down 7.2 percent and the DAX in Frankfurt was down 7.9 percent.

Japan’s Nikkei 225 stock average — which fell nearly 10 percent on Wednesday — slumped 9.6 percent on Friday, closing at 8,276.43.

The Hang Seng index in Hong Kong fell 7.2 percent on Friday, while the ASX/200 index in Sydney closed 8.3 percent lower.

In Seoul, the Kospi index fell 4.1 percent. The Shanghai composite index fell 3.6 percent, giving it a loss for the week of about 15 percent. The Indonesian stock exchange suspended trading for a third day, and exchanges in Bangkok and Vienna halted trading after shares fell more than 10 percent, triggering circuit-breaker rules.

In Moscow, the Russian Duma, or lower house of Parliament, approved a financial sector bailout package valued at more than $80 billion. Trading on Russian stock exchanges was suspended until further notice.

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