Ouch: Asia Down 7%, Europe Down 2%

The global stock collapse extended in Asia and Europe. Japan is once again nearing a 26-year low. Oil to $52. Market table below.

AP: World stock markets tumbled Thursday, with benchmarks in Tokyo and Seoul losing almost 7 per cent each, after recession fears sent Wall Street plunging and Japan suffered its biggest drop in exports in seven years…

The rout continued as trading opened in Europe, where Britain’s FTSE 100, Germany’s DAX and France’s CAC-40 all fell more than 2 per cent early in the session. Oil and other commodities were also down.

“We’ve gone past the poor sentiment stage,” said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong.

“People are looking for any kind of positive and there are just no positives out there. Everyone seems to be united in the depressed global outlook,” he said. “Whether it’s commodities or equities, everything seems to be on a downturn.”

Tokyo’s benchmark Nikkei 225 average slid 570.18 points, or 6.9 per cent, to 7,703.04. Japan said exports in October sank 7.7 per cent, the biggest decline since 2001, causing the country — an export powerhouse — to report a rare trade deficit.

 

 

 

 

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