Asian, European markets plunge as credit crisis deepens globally
London (PTI): Asian and European markets on Friday extended their losing streak following the widening of the global financial crisis with Singapore falling into recession and Japanese insurer filling for bankruptcy protection.
Japan's benchmark index Nikkei 225 dropped nearly 10 per cent to settle at 8,276.43 points, following country's insurer Yamato Life Insurance Co filing for bankruptcy protection because of market turmoil.
While Singapore's Straits Times index plunged more than seven per cent to 1,942.50 points, with the country falling into recession after two consecutive quarters of negative growth.
According to a statement by Singapore's Ministry of Trade and Industry, the economy is estimated to contract by 0.5 per cent in the third quarter of 2008 compared to same period a year ago.
MTI has also revised the GDP forecast to around three per cent after taking into account the slowdown in global economy and key domestic sectors.
Besides, European market also plunged following the gloom in the US market which saw the Dow Jones Industrial Average falling to a five year low last night.
London Stock Exchange's FTSE 100 was trading down 7.24 per cent at 4,001.46, Germany's Dax Index was down nearly 10 per cent, while France's CAC 40 Index fell over 8 per cent.
Hong Kong's Hang Seng index plummeted to a nearly three-year low falling seven per cent to 14,796.87, while Korean Kospi Index tumbled over four per cent and China's Shanghai SE Composite Index also fell nearly four per cent.
Indian benchmark Sensex, which plunged over 1,000 points in morning trade, settled down 791 points at 10,536.69.
Related stories:
Sensex plunges 725 points
Sensex drops further on selling
Coping with the crisis
Of bailouts, public sell-outs and media cop outs
Economic orthodoxy was built on superstition
