08 Aug '11, 5pm

Global markets plunge amid economic downturn fears

LONDON: World equities plunged on Monday and gold topped US$1,700 for the first time, as investors eyed the prospect of a sharp global downturn and shrugged off international efforts to resolve sovereign debt woes. Frankfurt closed down by more than 5.0 percent, Paris was down by 4.7 percent, and London dived by nearly 3.4 percent, following heavy US losses as Wall Street reacted to Washington's loss of the top AAA credit rating. Markets also fretted about the exposure of the global banking sector to the eurozone debt crisis, despite G7 and G20 pledges to bolster the global economy and European Central Bank action on eurozone debt, dealers said. "Investors are worried about the rising risk of global recession, the threat of a major bank bust and a growing loss of confidence in EU policymakers to properly resolve the eurozone debt and banking crisis," VTB Capital economist ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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