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European, Asian markets sink

LONDON: European and Asian markets fell on Thursday after Wall Street’s retreat from its biggest rally in five years, with investors worried by the sliding dollar and ongoing troubles in the U.S. economy.

In Europe, the U.K’s benchmark FTSE 100 index dropped 1.9 per cent to 5,667.5, while Germany’s DAX slipped 2.4 per cent to 6,443.59. Traders were disheartened by an overnight drop on Wall Street, where the Dow Jones industrial average slipped 0.4 per cent on Wednesday after surging 3.55 per cent on Tuesday.

In Asia the dollar’s drop to a 12-year low against the yen hammered stocks of Japanese exporters such as Toyota and Sony.

The Nikkei 225 index tumbled 3.3 per cent to 12,433.4, its lowest in 2 years.

In Hong Kong, the Hang Seng Index fell 4.8 per cent to 22,301.6. Benchmark indices fell more than 2 per cent in Australia, China, Malaysia, South Korea and Taiwan, while markets in India and Indonesia lost more than 4 per cent. — AP

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