European Stock Markets Hammered
FRANKFURT, Germany (AP) _ Investors hammered European stock markets Wednesday as worry mounted that the gathering global slowdown will hurt profits and that Wall Street was in for another wild ride.
In Tokyo, however, stocks posted modest gains Wednesday, as investors bought technology issues.
In Europe, technology and telecommunications stocks suffered some of the biggest losses, as the sector continued recoiling from instability on New York’s Nasdaq.
Frankfurt’s tech-heavy Nemax 50 index of companies was down 6.8 percent in afternoon trading, after falling as low as 8.5 percent earlier in the day.
Germany’s blue chip DAX index was also struggling, falling 201 points, or 3.4 percent, to 5.761.93. All 30 companies in the DAX were chalking up losses with Deutsche Bank, Volkswagen and BMW coming in among its biggest losers.
London’s FTSE-100 dropped 3.4 percent, falling 193.8 points to 5,526.90. Banking stocks were among those hardest hit, with Barclays, Royal Bank of Scotland and HSBC all diving. The Paris CAC-40 dropped 122.81 points, or 2.4 percent, to 5,064.60.
Meanwhile, Japanese markets were comparatively calm, with the benchmark Nikkei Stock Average actually posting a gain after four straight losing sessions.
The Nikkei rose 23.89 points, or 0.20 percent, to close at 11,843.59. On Tuesday, the average fell 351.67 points, or 2.9 percent, to 11,819.70 _ its lowest close since Jan. 28, 1985.
European stocks began falling earlier in the day on predictions New York markets would cave in after Wall Street opened.
The expectations were borne out in early going. In opening trading, the Dow Jones industrial average raced past the 10,000 mark, falling as many as 330 points before reversing course. The Dow was down 164.80 to 10,126.00.
Meanwhile, the Nasdaq composite fell 13.96 to 2,000.82, while the Standard & Poor’s 500 index tumbled 15.05 to 1,182.61.