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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Stocks drop on Hungary, US fears AFP - Tuesday, June 8 Send IM Story Print Stocks drop on Hungary, US fears PARIS (AFP) - – World stocks and the euro plummeted on Monday as traders reacted to concerns about Hungary's state finances, sovereign debt in Europe and the global recovery. Market sentiment was summed up in a comment from Goldman Sachs chief economist Erik Nielsen: "The new Hungarian government claimed that the inherited deficit is bigger than expected and that they are on the brink of default, a crazy statement for domestic consumption, but utterly irresponsible in the present market environment," he said. Fresh fears for the global recovery were stoked after the United States released worse-than-expected jobs figures at the end of last week. That caused Wall Street to fall. On stock markets, London's FTSE was down 1.1 percent to 5,069 points. The euro was also weak. Hungarian government debt interest rates rose sharply on Monday, but most other European bond yields were fairly steady in morning trading despite a sharp drop for leading stock markets. At ING, debt strategy analysts said: "Hungarian deficit alarm has brought credit markets back to square one." They said: "The dramatic movements in Hungarian financial assets late last week highlight how sensitive markets are to any bad news with respect to sovereign solvency." They added: "One of the more worrying themes in the past week or so is that the likes of Italy and Belgium have come under more pressure than they have been used to. Austria too has been dragged wider, partly on Central European links." Beyond the eurozone, the yield on Hungarian 10-year debt rose sharply by 19 basis points to 8.184 percent. Most other closely watched European bond yields were steady although Portuguese yields, or the rate Portugal has to pay to borrow, rose. In London, banking stocks were particularly depressed on rumours that the Financial Services Authority watchdog had fresh concerns about the exposure of British banks to eurozone debt. In early trading, shares in Royal Bank of Scotland were down 3.3 percent to 42.03 pence and Barclays stock was 2.9 percent lower at 280.4 pence. Analyst Ben Potter of IG Markets said a weaker-than-expected report on US job creation had shown employers "look set to continue taking their toll on equity markets as the new trading week gets underway". He said: "This is being compounded by fresh concerns over eurozone debt and word that the UK's bank regulator is stress-testing institutions with regard to their exposure to these products." French share prices rallied from a steep drop to show a fall of 0.62 percent in mid-morning trading. The CAC 40 index of leading shares stood at 3,434.24 points -- a fall of 21.37 points -- having slumped in early trading by slightly more than 2.0 percent. The Frankfurt DAX was down by 1.05 percent to 5,876.48, Milan's FTSE Mib index showed a fall of 2.12 percent to 18,337 points and the main Athens index was down three percent at mid-morning. Oil giant BP was one of the few stocks to make a positive start after encouraging results from its latest effort to cap the leaking oil well in the Gulf of Mexico. It was up 1.2 percent to 439.45 pence. Tokyo stocks dived 3.84 percent, or 380.39 points, to 9,520.80 as the weaker yen hit exporters, while Sydney shed 2.78 percent, or 123.5 points, to 4,325.9. Hong Kong fell 2.03 percent, or 401.92 points, to 19,378.15. The euro dipped below 1.19 dollars in Asian trading for the first time since March 2006, briefly changing hands at 1.1882 dollars in Tokyo. It also plunged to 108.47 yen, the lowest level in more than eight years. In London, the euro was at 1.1966 dollars and 109.66 yen. Credit Agricole strategists said the euro was likely to fall as low as its January 1999 introduction level of 1.1830 dollars later Monday. Shanghai stocks ended 1.64 percent, or 41.86 points, lower at 2,511.73 due to concerns that a multi-billion-dollar offering plan by Agricultural Bank of China would dilute the share market. Related article: Size of Agricultural Bank of China IPO in doubt Oil fell in Asian trading due to concerns about falling demand. New York's main futures contract, light sweet crude for delivery in July, dropped 1.55 dollars to 69.96 dollars a barrel. Brent North Sea crude for July delivery shed 96 cents to 71.13 dollars. And gold closed at 1,214.00-1,215.00 US dollars an ounce in Hong Kong, up from Friday's close of 1,205.00-1,206.00 dollars as dealers looked for safer assets. 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