Around the World's Markets
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.LONDON
FOR THE FIFTH consecutive trading day shares retreated. Footsie ended 54.1 points off at 5,715.7; at one time it was 123.7 lower. Second and third liners were also hit. The market was pulled lower by the continuing Asian crisis and the strong pound.
The Underground strike and the World Cup helped cut trading activity. BT was one of the best performing blue chips, enjoying belated reaction to its European strategy conference on Friday. The shares rose 10.5p to 653.5p
Derek Pain, page 21
NEW YORK
US STOCKS slumped in morning trading as tumbling Asian markets heightened investors' fears over the financial turmoil in the region.
At midday the Dow Jones Industrial Average was down 121.82 points, more than 1 pct, at 81713.12, as dealers rushed to cut their exposure to companies with large interests in Asia. The Far East troubles sparked a bout of safe-haven buying of US government bonds which pushed the yield on the benchmark 30-year Treasury bond to 5.61 pct.
TOKYO
THE Nikkei 225 Index tumbled below 15,000 and the dollar soared to an eight-year high against the yen, setting off a plunge in Asian stocks and currencies from Seoul to Singapore. "The economy's in freefall,'' said Stephen Bronte, of Stephen Bronte Partners, a Japanese equity hedge fund in Tiburon, California. The benchmark Nikkei fell 197.16 points, or 1.31 percent, to 14,825.17, its lowest since Jan. 13. The broader Topix index of all shares on the first section of the Tokyo Stock Exchange sank 10.04 points to 1167.21.
HONG KONG
HONG KONG'S benchmark Hang Seng posted its biggest one-day fall in five months as the weakening yen sent borrowing costs soaring. The index dropped 452.94, or 5.7 per cent, to 7,462.50.
Since May, the index has shed almost 30 per cent of its value. After the market closed yesterday, the government said the unemployment rate in May rose to a 14-year high of 4.2 per cent as the city confronts falling property prices, slumping consumer spending and an economy poised to tip into recession.
AUSTRALIA
AUSTRALIAN STOCKS fell, led by commodity producers such as Broken Hill Proprietary, on concern over slumping Asian economies. Shares in AMP, Australia's largest fund manager, rose as high as A$35.988 on their first day of trading, before closing at A$23.00 - well above the minimum initial sale price to institutions of A$16 a share.
The benchmark All Ordinaries index, which won't include AMP until August, fell for the ninth day in 10, shedding 4.2 points to 2567.5. Twice as many stocks fell as rose.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments