European and Asian stocks crushed Monday following disappointing earnings from GE, Wachovia, Philips, et al.
The Netherland’s Philips, The largest consumer electronics company in Europe, revealed that its Q1 profits fell to 219 million euros from 875 million euros a year ago, a 75% drop. Wachovia also posted a huge loss. The MSCI World Index dropped 0.6% to 1,452.76 at 1:18 p.m. in London. Futures on the Standard & Poor’s 500 Index slipped 0.6 per cent.
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