Tuesday Aug 09, 201106:20 PM GMT
European markets plunge on econ. crisis
Tue Aug 9, 2011 6:22PM
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A share trader anxiously watches developments at the Frankfurt Stock Exchange on Monday, August 9, 2011.
European stock markets continue to plunge after big falls in markets across the United States and Asia, raising concerns that major economies might be heading back into recession.

Markets in Europe plummeted to a two-year low on Tuesday, with London's FTSE as well as Frankfurt's DAX indexes diving by more five percent each, while the Paris Bourse declined more than three percent, Reuters reported.

Other European indexes witnessed an almost similar plunge.

Investors have voiced widespread skepticism on whether policymakers can stop the downward spiral after the Standard & Poor's (S&P) credit ratings agency downgraded the US's rating from AAA to AA+ on Friday.

On Monday, the lowering of the US rating led to a sharp fall in Wall Street, which witnessed its steepest one-day plunge since 2008.

Markets in Asia have also dropped, with Hong Kong shares falling by almost six percent and Tokyo shares by more than 1.5 percent.

US President Barack Obama made an attempt to calm investors in his first speech on Monday after the S&P cut the US's rating.

"Markets will rise and fall. But this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country," Obama asserted.

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