Global Stocks Fall After U.S. Plunge
Looks like whatever spooked the U.S. markets yesterday afternoon -- some say deflation fears, some say it was concern about financial stocks led by Citigroup, others say the overall deep global recession -- is having the same effect on the markets overseas.
In Asia, the markets are down dramatically led by Japan's Nikkei, which fell 6.9 percent. Hong Kong's Hang Seng fell 4 percent and China's Shanghai Composite fell by a more modest 1 percent.
In Europe, four Nordic neighbors of Iceland said they would spent $2.5 billion to help the troubled country, which has been hit hard by the downturn in the financial sector and has seen its currency fall dramatically. The Associated Press reports that Sweden, Finland, Norway and Denmark have agreed to lend their neighbor the money, in addition to the $2.1 billion Iceland has been promised from the International Monetary Fund.
Stocks in Europe are also down, with the DJ Stoxx index down 2.6 percent. France's CAC is down 3.1 percent and London's FTSE is down 2.2 percent so far.
In Washington today, it's looking relatively quiet with the auto bailout hearings over. Now it's up to Congress to decide whether they can agree to some kind of auto industry bailout and what form it would take.
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