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European midday: Shares down in global sell-off
Mon, 01 Dec, 2008
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European midday: Shares down in global sell-off
Fri, 10 Oct 2008, 12:02:00
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European shares have slid even further as fears that the global economy is heading for a severe recession sparked a world-wide global sell-off.
The Dow Jones slumped by more 670 points overnight, while the Nikkei also suffered a colossal decline with the benchmark marking its seventh day of consecutive losses.
Banks are once again leading the fallers, with
Santander
,
Societe Generale
,
BNP Paribas
and
Credit Agricole
among the worst performing stocks.
Elsewhere in the sector, a fierce diplomatic row broke out between Prime Minister Gordon Brown and his Icelandic counterpart Geir Haarde over Reykjavik's banking crisis.
The meeting follows sharp exchanges between the two politicians, with Gordon Brown threatening legal action against the Icelandic authorities over the island's failure to guarantee British savers' deposits following the collapse of
Landsbanki
,
Glitnir
and
Kaupthing
.
Brown is demanding the return of the cash belonging to British savers and local councils, criticising the "completely unacceptable" and "effectively illegal" behaviour of the Icelandic authorities. "This is a problem that has been caused by Iceland. It is totally unacceptable behaviour," Brown said.
Geir Haarde for his part denounced the use of anti-terrorist laws to freeze Icelandic banking assets in the UK. "I told the Chancellor that we were not pleased with that," he said.
Across the markets, the German DAX is down 411 points to 4,475, the French CAC is 263 points lower at 3,178, while the Swiss market fell 427 points to 5,371.
Energy companies are also in the red after crude dropped to around $86 barrel.
Royal Dutch Shell
,
Eni
and
Total
are all lower.
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