http://www.b92.net/eng/news/world-article.php?yyyy=2008&mm=09&dd=30&nav_id=53855
Asian, European stocks down 30 September 2008 | 09:43 -> *12:28* | Source: VOA *WASHINGTON -- Most Asian markets fell sharply, and European markets are down as concerns about the ongoing U.S. financial crisis continues to spread, VOA says. * However, global markets have not dropped nearly as much as U.S. markets on Monday. The key indexes in London, Paris and Frankfurt fell around two percent at the start of the trading session, then recovered for losses of around one percent or less later in the morning. Japan's Nikkei index lost four percent, falling to its lowest mark in three years. But, the key Hang Seng in Hong Kong closed up nearly one percent, and Mumbai is showing a substantial gain of more than two percent. Russian government regulators ordered trading halted on the country's two major exchanges (MICEX and RTS) shortly after they opened. On Monday, the U.S. House of Representatives rejected a huge government rescue plan for the country's troubled financial institutions. Hours later, the Dow Jones Industrial Average closed down a record 778 points - seven percent - while other stock indexes also fell dramatically, around nine percent. President George Bush will make a statement Tuesday morning before the U.S. markets open, then meet with his top economic advisors and members of Congress to determine what to do next. Democratic and Republican party leaders blamed each other for the bill's defeat, but said they would try to work together on a new plan. The proposal that failed would have allowed the U.S. Treasury to spend up to $700 billion to buy bad investments from financial firms. Those bad investments have made banks reluctant to lend money to each other, businesses and consumers. The crisis is also having an effect on other sectors of the global financial community. The governments of France, Belgian and Luxembourg have agreed to provide more than $9 billion to help French-Belgian financial services group Dexia to remain afloat. Belgian-Dutch-based Fortis received a $16 billion bailout from the Belgium, Netherlands and Luxembourg governments on Sunday. Worldwide oil prices are also being affected. Light sweet crude lost $10.50 on Monday, leaving it hovering near $96 a barrel in Singapore. London Brent crude oil for November fell more than $.50 cents to just over $93 a barrel.
