Australia loses billions off ASX 200
(13 September 2011 – Australia) Over A$27 billion was wiped off the ASX 200 yesterday, and A$32 billion from the value of all Australian companies as local investors reacted to turmoil in the European and United States markets.
The share market opened more than 2.5 percent lower today, following a negative lead from US stocks on fresh Euro debt concerns.
The slide has followed US and European stocks falling heavily on Friday.
On Friday, bank stocks were the worst affected, down more than 5 percent in some cases. The Dow Jones slid almost 3 percent or more than 300 points on Friday to just under 11,000 points and London's FTSE 100 index fell 2.35 percent to 5214.65 points as global markets were plagued by worries about Greece's bailout.
The shock resignation of the European Central Bank chief economist, Juergen Stark, also sparked the European sell-off. His decision to quit fuelled speculation that central bank policymakers are split amid fears that Greece could default.
The resignation also exposed the deepening divisions over the bank’s handling of the Eurozone debt crisis.
The slide has followed US and European stocks falling heavily on Friday.
On Friday, bank stocks were the worst affected, down more than 5 percent in some cases. The Dow Jones slid almost 3 percent or more than 300 points on Friday to just under 11,000 points and London's FTSE 100 index fell 2.35 percent to 5214.65 points as global markets were plagued by worries about Greece's bailout.
The shock resignation of the European Central Bank chief economist, Juergen Stark, also sparked the European sell-off. His decision to quit fuelled speculation that central bank policymakers are split amid fears that Greece could default.
The resignation also exposed the deepening divisions over the bank’s handling of the Eurozone debt crisis.
Subscribe