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June 29, 2010, 4:05 p.m. EDT

European, Asian Stocks Take a Tumble

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By Min Zeng

Fears about the pace of global growth hit financial markets hard Tuesday as U.K. stocks hit a 2010 low and Chinese shares led an Asian tumble.

Markets were sharply weaker in early trade and got an additional knock from a dismal reading of U.S. consumer confidence.

In Europe, investors were also worried that the expiration of the ECB's €442 billion ($542 billion) one-year funding program on Thursday might cause a liquidity shortfall in the financial system, sending a jolt through the banking sector. Crédit Agricole /zigman2/quotes/200767526/composite ACA -1.86% lost 7.9% and Intesa Sanpaolo fell 6.9% as the pan-European Stoxx 600 index ended down 3% at 243.82.

In LONDON , the FTSE 100 index slid below 5000 for the second time this year, falling 3.1% to a 2010 low of 4914.22.

In PARIS , the CAC-40 index lost 4% to 3432.99.

In FRANKFURT , Germany's DAX index fell 3.3% to 5952.03.

Among basic-resource stocks, which are closely tied to global growth, ArcelorMittal /zigman2/quotes/202790215/composite MT -1.41% fell 6.3% and Rio Tinto dropped 6.4%.

Elsewhere, Chloride Group rose 11% to 387 pence ($5.85) after Emerson Electric /zigman2/quotes/200181610/composite EMR -1.15% bid 375 pence a share, or £997 million, for the U.K. power-systems company, which trumps the 325 pence a share bid made by ABB /zigman2/quotes/209404356/composite ABB +0.34% . ABB, which said it is considering its options, declined 4.1%.

HMV Group, the music and video games retailer, shot up 7% ahead of its annual results due Wednesday.

Carpetright, a U.K. carpeting retailer, slumped 9.9%. It reported annual results slightly below expectations and offered a "subdued" outlook, according to analysts at Singer Capital Markets.

In SHANGHAI , China's Shanghai Composite fell 4.3% to 2427.05, its lowest close since April 2009, on concerns the mainland economy could slow in coming months.

Property, airline and metal stocks were big losers. Gemdale slumped 9.9% and Poly Real Estate Group /zigman2/quotes/201864015/delayed CN:600048 -3.40% dropped 7.1%, Jiangxi Copper tumbled 7% and Hainan Airlines /zigman2/quotes/203177958/delayed CN:600221 -2.91% slid 8.8%. Banking shares also fell, though they slightly outperformed the main index. China Construction Bank /zigman2/quotes/208058581/delayed CN:601939 -1.13% dropped 3.5% and China Merchants Bank /zigman2/quotes/209899244/delayed HK:3968 -0.13% declined 3.6%.

The fall in China dragged down other regional markets.

In TOKYO , Nikkei Stock Average shed 1.3% to 9570.67, hurt by a sharp rise in the yen, which weighed on exporters.

Casio Computer /zigman2/quotes/202492162/delayed JP:6952 -1.78% fell 3.8%, Fanuc /zigman2/quotes/202054799/delayed JP:6954 -2.06% was off 2.2% and Isuzu Motors /zigman2/quotes/202637468/delayed JP:7202 -1.22% slipped 2.5%.

A few other exporters with high exposure to the euro zone outperformed the Tokyo market, supported by hopes that earnings will be better than previously expected. Sony /zigman2/quotes/208567357/composite SNE -0.98% rose 0.2% and Nikon /zigman2/quotes/203281219/delayed JP:7731 -0.29% fell 0.3%.

"These shares have reached levels where further weakness is unlikely in view of their earnings" and forecasts, despite lingering uncertainties surrounding the general European economic outlook, said Toshikazu Horiuchi , equity strategist at Cosmo Securities.

Elswhere, Hong Kong's Hang Seng Index dropped 2.3% to 20248.90, South Korea's Kospi declined 1.4% to 1707.76, India's Sensex fell 1.4% to 17534.09, and Singapore's Straits Times Index slid 1.4% to 2830.34. Australia's S&P/ASX 200 fell 0.9% to 4345.67.

Resource stocks stumbled across the region on concerns about demand. BHP Billiton /zigman2/quotes/208108397/composite BHP -2.16% dropped 1% and Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL +0.40% skidded 1.6% in Sydney, Inpex declined 3.8% and trading house Mitsui & Co. lost 3.2% in Tokyo, Sterlite Industries fell 1.4% in Mumbai, and Cnooc tumbled 3.6% in Hong Kong.

/zigman2/quotes/200767526/composite
US : U.S.: NYSE
$ 44.77
-0.85 -1.86%
Volume: 215,043
Jan. 24, 2020 6:30p
P/E Ratio
18.27
Dividend Yield
0.45%
Market Cap
$2.17 billion
Rev. per Employee
$247,988
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/zigman2/quotes/202790215/composite
US : U.S.: NYSE
$ 15.40
-0.22 -1.41%
Volume: 3.67M
Jan. 24, 2020 6:30p
P/E Ratio
7.64
Dividend Yield
1.10%
Market Cap
$15.61 billion
Rev. per Employee
$363,403
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/zigman2/quotes/200181610/composite
US : U.S.: NYSE
$ 76.70
-0.89 -1.15%
Volume: 2.04M
Jan. 24, 2020 6:30p
P/E Ratio
20.67
Dividend Yield
2.61%
Market Cap
$46.86 billion
Rev. per Employee
$202,731
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/zigman2/quotes/209404356/composite
US : U.S.: NYSE
$ 23.91
+0.08 +0.34%
Volume: 2.52M
Jan. 24, 2020 6:30p
P/E Ratio
35.71
Dividend Yield
2.68%
Market Cap
$51.00 billion
Rev. per Employee
$206,146
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/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.33
-0.54 -3.40%
Volume: 0.00
Jan. 23, 2020 3:00p
P/E Ratio
8.24
Dividend Yield
3.26%
Market Cap
¥182.93 billion
Rev. per Employee
¥3.42M
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/zigman2/quotes/203177958/delayed
CN : China: Shanghai
¥ 1.67
-0.05 -2.91%
Volume: 0.00
Jan. 23, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
1.08%
Market Cap
¥28.07 billion
Rev. per Employee
¥2.70M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.97
-0.08 -1.13%
Volume: 0.00
Jan. 23, 2020 3:00p
P/E Ratio
6.55
Dividend Yield
4.39%
Market Cap
¥1742.57 billion
Rev. per Employee
¥2.76M
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/zigman2/quotes/209899244/delayed
HK : Hong Kong
HK$ 39.90
-0.05 -0.13%
Volume: 3.33M
Jan. 24, 2020 12:08p
P/E Ratio
10.13
Dividend Yield
2.68%
Market Cap
HK$1006.27 billion
Rev. per Employee
HK$3.67M
loading...
/zigman2/quotes/202492162/delayed
JP : Japan: Tokyo
¥ 2,264.00
-41.00 -1.78%
Volume: 660,200
Jan. 27, 2020 1:34p
P/E Ratio
23.66
Dividend Yield
1.99%
Market Cap
¥559.13 billion
Rev. per Employee
¥24.53M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,015.00
-420.00 -2.06%
Volume: 523,800
Jan. 27, 2020 1:34p
P/E Ratio
34.35
Dividend Yield
N/A
Market Cap
¥3921.56 billion
Rev. per Employee
¥95.87M
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/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 1,138.00
-14.00 -1.22%
Volume: 1.94M
Jan. 27, 2020 1:34p
P/E Ratio
8.67
Dividend Yield
3.34%
Market Cap
¥849.65 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 71.88
-0.71 -0.98%
Volume: 678,359
Jan. 24, 2020 6:30p
P/E Ratio
11.94
Dividend Yield
0.37%
Market Cap
$88.47 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,366.00
-4.00 -0.29%
Volume: 1.20M
Jan. 27, 2020 1:34p
P/E Ratio
9.02
Dividend Yield
4.39%
Market Cap
¥533.75 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.44
-1.20 -2.16%
Volume: 2.45M
Jan. 24, 2020 6:30p
P/E Ratio
16.03
Dividend Yield
4.89%
Market Cap
$80.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 35.39
+0.14 +0.40%
Volume: 1.68M
Jan. 24, 2020 4:10p
P/E Ratio
19.13
Dividend Yield
5.09%
Market Cap
$33.29 billion
Rev. per Employee
$1.92M
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