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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: World stocks spiral lower on fresh financial woes AFP - 2 hours 44 minutes ago LONDON (AFP) - - World stock markets fell sharply Monday as banking and economic woes returned to haunt investors, with Tokyo tumbling to a fresh 26-year low and London striking six-year depths. ADVERTISEMENT European equities plunged, with London reeling after the British government took a majority stake in Lloyds Banking Group (LBG) over the weekend in a deal to insure its toxic assets. The British capital's FTSE 100 leading shares index slumped to 3,487.13 points in early deals, marking the lowest point since March 14, 2003. It later recovered slightly to 3,492.97 points, down 1.07 percent from Friday. Elsewhere, Frankfurt's DAX shed 1.35 percent in value and in Paris the CAC 40 was down 1.77 percent. Most Asian markets sank after news of Japan's first current account deficit in more than a decade. Tokyo's Nikkei-225 index shed 1.21 percent to end at 7,086.03, the lowest close since October 6, 1982. Hong Kong stocks dived 4.8 percent as shares in banking giant HSBC dropped dramatically, with investors spooked by the group's US exposure and plans to raise fresh capital, dealers said. "The FTSE 100 fell ... as the banking sector continued to weigh," said Joshua Raymond, market strategist at spread-betting firm City Index. "We saw HSBC fall in Asia ... and concerns regarding their exposure to US toxic debts are likely to weigh for some time." Asian markets were left reeling after news that the deficit in Japan's current account, the broadest measure of trade in goods and services, was a larger-than-expected 172.8 billion yen (1.8 billion dollars). Japan has historically run a massive current account surplus but demand for the cars, high-tech goods and machinery that have propelled the Japanese economy has dried up in the face of the global downturn. "Shocking," said Toshihiro Nagahama, a senior economist at Dai-ichi Life Research Institute in Japan. "Because we can't expect that the US economy will hit a trough in the near term, Japan's exports will very likely remain very weak," he told Dow Jones Newswires. It was Japan's first such deficit in 13 years. In London, LBG shares slumped 14.30 percent to 36 pence in early morning trade on Monday. They later inched back up to 39.50 pence, down 5.95 percent from Friday's closing level. The British government announced Saturday an agreement to ringfence 260 billion pounds (290 billion euros, 365 billion dollars) worth of the bank's riskiest assets. The deal will increase the government's ownership of the group from 43 percent to 65 percent. "Lloyds will also remain in focus for sometime. It is not full nationalisation yet but investors fear the government are merely moving their chess pieces into position," Raymond said. Royal Bank of Scotland shares shed 8.08 percent to 18.20 pence, Barclays fell 9.41 percent to 58.70 pence and HSBC lost 9.36 percent to 327 pence. In Asian trade, Hong Kong-listed shares in HSBC closed 24.1 percent lower, with support dropping off dramatically in late trade amid mounting worries about the global banking giant, dealers said. Last week, the British-based bank announced worse-than-expected annual results and said it hoped to raise 17.8 billion dollars in a record British rights issue. The bank also reported a 70-percent slump in annual net profit, mainly due to the dire performance of its US unit where it has written off a huge chunk of bad debt. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Pedestrians walk past a share prices board in Tokyo. World stock markets fell sharply Monday as banking and economic woes returned to haunt investors, with Tokyo tumbling to a fresh 26-year low and London striking six-year depths. Most Popular – Top Stories Viewed US calls on G20 to help bolster int'l demand: report Russian media teases Clinton over 'reset' button GM, Canadian union agree to wage, pension freeze Business groups slam German nationalisation bill Bleak jobs report dampens hopes for US recovery 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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