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datasets.iitb.crawledDocs.yn_08Oct08_file_480 Maven / Gradle / Ivy

    ý Search Web Search RTý.ie Business -------------------------- Archive Mo Tu We Th Fr Sa Su Other World markets tumbling again Wednesday, 8 October 2008 10:55 Global stocks plunged to new depths this morning with London shares down over 4% after the Tokyo market went into freefall and saw its worst fall for more than 20 years. London shares briefly slumped over 7% in early trading, despite the British government announcing a part-nationalisation of the country's eight main banks in a bailout package worth ý50 billion sterling. London's FTSE was down 182 points to stand at 4,424 in mid-morning trade. Elsewhere around Europe, the Paris CAC slumped 4.7% to 3,556 and the Frankfurt DAX dived by 5.6% to stand at 5,026. Advertisement After initial earlier gains, Dublin's was down just over 5% to stand at 3,134 by mid-morning - a fall of 166 points. The banks were again seeing volatile trade, with shares in Irish Life and Permanent slumping 13% to AC;3.30, Anglo Irish Bank and AIB both dropping 10.5% to stand at AC;2.40 and AC;4.95 respectively, while Bank of Ireland was down 7% to AC;3.05. In a dramatic day on fear-stricken markets, Tokyo's Nikkei index plummeted 9.38% to close at 9,203 by the close, the biggest loss since October 1987 in the wake of the 'Black Monday' crash in the US. Hong Kong ended down 8.2% at its lowest level in more than two years. The bloodbath forced some countries to take dramatic steps to try to stem the selling. Indonesia suspended trading on its market after stocks plunged over 10%. Trading was frozen on Russia's two main stock markets after plunges of more than 11% on opening. Meanwhile, the Sydney market closed down 5%, Seoul lost 5.81% and Shanghai shed 3.04% as the crisis sparked by a US housing slump continued to send shockwaves around the globe. Today's latest plunges came after Wall Street's Dow Jones sank over 500 points, or 5%, last night to a five-year closing low. Advertisement Japanese shares Nikkei plunges nearly 10% Related Stories Top Headlines Now: 11:55 Wednesday 8 October Next: 13:00 Wednesday 8 October RTý.ie Business Highlights Bank bailout: One London city analyst says the Darling move on the UK banks is long overdue How low can they go: A look at how world markets are coping with the shocking losses of the last few days Dole age: ESRI economist Alan Barrett says the job losses next year could be quite significant. Recession blues: The ESRI's Alan Barrett says the think tank has downgraded its economic forecasts for this year and next Broadband blues: Ireland continues to lag ninth out of 27 EU countries in broadband issues, including speed Going green: Get grants to make your house more energy efficient before they are binned in next week's Budget Get breaking news when you're on the move. Text SUB BIZ BREAK to 53554. . What the analysts are saying: news, views and analysis from the Dublin stockbrokers each morning. ý © RTÉ 2008 RTý Commercial Enterprises Limited, Registered in Dublin, Registration Number:155076. Registered Office: Donnybrook, Dublin 4, Ireland. - - - - Sports photos provided by Wire services provided by Reuters, APTN and PA