Word: monday
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...unusual for prices to tumble in the post-Christmas January sales. But this year, there's more unwanted stock than ever. Shares across Europe traded down Tuesday, a day after registering their biggest single-day slide since September 11, 2001. London's FTSE 100 index fell 5.5% Monday, swiping $150 billion off the value of Britain's blue-chip firms. The sell-offs were brisk in Asia, too. Shares in China skidded more than 7% to a 5-month low Tuesday; markets even suspended trading in India and South Korea on the back of heavy losses...
...decouple and not be affected by what happened in their most important export market [the U.S.] was always rubbish," says Stein, so long as domestic consumption can't make up for any shortfall. And neither is Asia resistant to fallout from the subprime snafu either. Analysts speculated Monday that Chinese banks could soon cough up to huge losses linked to exposure to the U.S. mortgage market. The Bank of China, for one, with almost $8 billion in subprime-related assets, is expected to shortly announce losses...
Except the markets aren't taking it that way. On Monday, stock exchanges around the world swooned, from east to west, as investors, spooked by more fallout from the subprime crisis and credit crunch, failed to be reassured that a $145 billion stimulus package rolled out by the Bush Administration would do much to keep the U.S. economy afloat. The main index in Hong Kong dropped 5.5%, its biggest percentage loss since Sept. 11, 2001. India's benchmark shed 7.4%. In Europe, Britain fell 5.5%, France 6.8%, and Germany 7.2%. Brazilian stocks dropped 6.6% and Canada's main index lost...
...Most Geordies, though, remain anxious about the bank's future. In a last-ditch effort to avoid nationalization, the U.K. government on Monday hatched plans to convert into bonds the $50 billion Bank of England loan it used to prop up Northern Rock. That makes a private sale of the bank more likely: those interested in bidding before the February deadline - including a consortium led by Richard Branson's Virgin Group - will no longer need to front up for a big slice of that loan. The bank's battered shares climbed more than 40% on the news...
...Israeli government announced a major initiative to push the nation's drivers toward electric cars on Monday, a move meant to both lessen dependence on foreign oil and address the environmental and health hazards of gas-burning vehicles...