Tuesday, May 25, 2010

World stocks sag on renewed Europe fears

Associated Press
May 25, 2010

World stock markets and the euro tumbled Tuesday on fears Europe's debt crisis will cause a prolonged slump in the region and weaken the outlook for global growth.

Asian markets were also hit hard by reports that North Korean leader Kim Jong Il ordered his military to be on combat alert amid rising tensions on the peninsula.

In Europe, Britain's FTSE 100 closed down 128.93 points, or 2.5 percent, at 4,940.68 while Germany's DAX index dropped 135.64 points, or 2.3 percent, to 5,670.04. France's CAC-40 sank 99.64 points, or 2.9 percent, to 3,331.29. Markets in Spain and Italy, both carrying high debt levels, both fell around 4 percent.


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