EU Stocks Tumble On Financial Fears
Asian and European stocks fell Monday as crude oil fell below $90 for the first time since February, on growing fears that the financial crisis is spreading to the world economy.
European markets slid at the opening, a day after governments in the region were left scrambling to prevent the collapse of two lenders, Hypo Real Estate in Germany, and the Belgian operations of Fortis. The German government also said Sunday that it would guarantee all private bank deposits as it sought to avert the spread of the financial malaise.
In morning trade, the FTSE 100 index was down 5.5%, or 276.9 points, at 4,703.35. Banks led the fallers, with HBOS down 14.9%, Royal Bank of Scotland falling 13.3% and Lloyds TSB down 6.8%.
European markets slid at the opening, a day after governments in the region were left scrambling to prevent the collapse of two lenders, Hypo Real Estate in Germany, and the Belgian operations of Fortis. The German government also said Sunday that it would guarantee all private bank deposits as it sought to avert the spread of the financial malaise.
In morning trade, the FTSE 100 index was down 5.5%, or 276.9 points, at 4,703.35. Banks led the fallers, with HBOS down 14.9%, Royal Bank of Scotland falling 13.3% and Lloyds TSB down 6.8%.
