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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Global stock markets dive on financial fears AFP - Tuesday, March 3 NEW YORK (AFP) - - Global stock markets plunged Monday, hammered by fresh fears over the fate of some of the world's biggest financial companies in the midst of a spreading economic crisis. ADVERTISEMENT News that the US government had rescued insurer American International Group (AIG) again, with 30 billion dollars, to stave off its collapse, drove the US market to 12-year lows. European markets were roiled by a startling announcement by British banking giant HSBC that it needs billions in new capital to cope with the financial crisis. The euro weakened after European Union leaders at an emergency summit in Brussels Sunday ruled out a broad bailout package for the Eastern European states, saying any help should be tailored on a case-by-case basis. On Wall Street, stocks took a ferocious beating as investors appeared to dump nearly the entire market. "Market participants seem to be selling indiscriminately," said Briefing.com analysts. The Dow Jones Industrial Average skidded 299.64 points (4.24 percent) to close at 6,763.29, its first close below 7,000 points and the weakest since April 1997. The broad-market Standard & Poor's 500 index sank 34.27 points (4.66 percent) to 700.82, its lowest close since late 1996. The Nasdaq fell 54.99 points (3.99 percent) to 1,322.85, capping a calamitous session for global markets. Market action came after the US government unveiled the fresh aid plan AIG, which announced a quarterly loss of 61.7 billion dollars -- the biggest ever for a US firm in one quarter -- pushing up its net loss for 2008 to 99.3 billion dollars. The company had been the world's biggest insurer before being hit with huge losses linked to the collapse of the US real estate market and the economic downturn. "The market doesn't like it because it shows how immersed the government has become in managing a controlled burn of this zombie organization that is considered too systemically important to die of natural causes," said Patrick O'Hare at Briefing.com. Adding to the bearish sentiment was the news that HSBC would seek a huge capital injection to survive the global economic crisis. HSBC revealed that it needs nearly 18 billion dollars of new capital to withstand the financial crisis and announced 6,100 job cuts after a profits collapse. The bank reported a 70 percent plunge in annual net profit last year and said it hoped to raise 12.5 billion pounds (17.8 billion dollars, 14.2 billion euros) in a record British rights issue. Dealers said the news on AIG and HSBC seemed to be the final straw for many investors, especially given the British-based bank's reputation for financial probity and caution, highlighted by its refusal to take government rescue funding. "It's another bloodbath with equity markets across the globe in a state of panic," said Jimmy Yates, head of equities at CMC Markets. Dealers said investors have no confidence that the AIG bailout or the HSBC cash call will really work so it was no surprise to see the markets falling. "Just as with AIG, the (HSBC share) offering provides investors with no clarity and no confidence that financial institutions are done raising capital," said Chris Lafakis at Economy.com. Figures on Friday showing the US economy contracted 6.2 percent in the fourth quarter -- much worse than the initial estimate of 5.4 percent -- had already set the markets up for a bad performance on Monday. In London, the London, the FTSE 100 index of leading shares lost 5.33 percent to 3.625,83 , its worst finish since March 2003. In Frankfurt, the DAX fell 3.48 percent at 3,710.07 and in Paris the CAC 40 tumbled 4.48 percent to 2,581.46, another six-year low. Elsewhere, the Toronto S&P/TSX index tumbled 5.36 percent after news of a deepening economic contraction in Canada. Brazil's Bovespa followed other markets lower with a 5.09 percent dive. In Asia, Tokyo lost 3.81 percent, Hong Kong shed 3.9 percent and Sydney fell 2.8 percent, with all the banks under pressure. A plunge in Japanese new vehicle sales and a record contraction in factory output in South Korea added to worries about the region's economic downturn as consumer demand slumps in recession-hit Western markets. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Traders take a break in the snow in front of the New York Stock Exchange in New York City. Global stock markets plunged Monday, hammered by fresh fears over the fate of some of the world's biggest financial companies in the midst of a spreading economic crisis. Most Popular – Top Stories Viewed US insurer AIG reports $61.7 bln loss in Q4 Prada and Cavalli give Milan the boot Stress, suicide: tough wounds for the US Army Guinea-Bissau's president 'assassinated' Supermodel Bundchen ties knot with football star Brady View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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