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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 -1.65% 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 +0.21% 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 +0.88% 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 +1.00% . 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 /zigman2/quotes/208063953/delayed UK:CPR 0.00% , 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 -2.30% dropped 7.1%, Jiangxi Copper tumbled 7% and Hainan Airlines /zigman2/quotes/203177958/delayed CN:600221 -1.12% slid 8.8%. Banking shares also fell, though they slightly outperformed the main index. China Construction Bank /zigman2/quotes/208058581/delayed CN:601939 -0.14% dropped 3.5% and China Merchants Bank /zigman2/quotes/209899244/delayed HK:3968 -1.56% 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 -0.53% fell 3.8%, Fanuc /zigman2/quotes/202054799/delayed JP:6954 +2.21% was off 2.2% and Isuzu Motors /zigman2/quotes/202637468/delayed JP:7202 -0.12% 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 -1.38% rose 0.2% and Nikon /zigman2/quotes/203281219/delayed JP:7731 -1.53% 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 -0.29% dropped 1% and Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL -0.59% 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
$ 33.33
-0.56 -1.65%
Volume: 644,268
Oct. 18, 2019 6:30p
P/E Ratio
18.06
Dividend Yield
0.60%
Market Cap
$1.61 billion
Rev. per Employee
$247,988
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/zigman2/quotes/202790215/composite
US : U.S.: NYSE
$ 14.59
+0.03 +0.21%
Volume: 3.05M
Oct. 18, 2019 6:30p
P/E Ratio
7.24
Dividend Yield
1.17%
Market Cap
$14.79 billion
Rev. per Employee
$363,403
loading...
/zigman2/quotes/200181610/composite
US : U.S.: NYSE
$ 68.65
+0.60 +0.88%
Volume: 3.88M
Oct. 18, 2019 6:30p
P/E Ratio
19.47
Dividend Yield
2.86%
Market Cap
$42.23 billion
Rev. per Employee
$202,731
loading...
/zigman2/quotes/209404356/composite
US : U.S.: NYSE
$ 19.16
+0.19 +1.00%
Volume: 1.61M
Oct. 18, 2019 6:30p
P/E Ratio
26.85
Dividend Yield
3.35%
Market Cap
$40.86 billion
Rev. per Employee
$206,146
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/zigman2/quotes/208063953/delayed
UK : U.K.: London
9.22 p
0.00 0.00%
Volume: 205,840
Oct. 18, 2019 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£27.98 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.32
-0.36 -2.30%
Volume: 69.50M
Oct. 18, 2019 3:01p
P/E Ratio
8.15
Dividend Yield
3.26%
Market Cap
¥182.78 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/203177958/delayed
CN : China: Shanghai
¥ 1.77
-0.02 -1.12%
Volume: 46.52M
Oct. 18, 2019 3:01p
P/E Ratio
N/A
Dividend Yield
1.02%
Market Cap
¥29.75 billion
Rev. per Employee
¥2.70M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 7.25
-0.01 -0.14%
Volume: 54.24M
Oct. 18, 2019 3:01p
P/E Ratio
6.92
Dividend Yield
4.22%
Market Cap
¥1812.58 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/209899244/delayed
HK : Hong Kong
HK$ 37.95
-0.60 -1.56%
Volume: 26.56M
Oct. 18, 2019 4:08p
P/E Ratio
11.08
Dividend Yield
2.82%
Market Cap
HK$957.09 billion
Rev. per Employee
HK$3.67M
loading...
/zigman2/quotes/202492162/delayed
JP : Japan: Tokyo
¥ 1,703.00
-9.00 -0.53%
Volume: 1.31M
Oct. 18, 2019 3:00p
P/E Ratio
19.24
Dividend Yield
2.64%
Market Cap
¥414.40 billion
Rev. per Employee
¥24.53M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 21,075.00
+455.00 +2.21%
Volume: 1.03M
Oct. 18, 2019 3:00p
P/E Ratio
30.75
Dividend Yield
0.93%
Market Cap
¥4044.42 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 1,236.50
-1.50 -0.12%
Volume: 1.37M
Oct. 18, 2019 3:00p
P/E Ratio
8.89
Dividend Yield
3.07%
Market Cap
¥911.95 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 59.21
-0.83 -1.38%
Volume: 1.09M
Oct. 18, 2019 6:30p
P/E Ratio
10.15
Dividend Yield
0.39%
Market Cap
$73.82 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,355.00
-21.00 -1.53%
Volume: 1.85M
Oct. 18, 2019 3:00p
P/E Ratio
9.22
Dividend Yield
4.43%
Market Cap
¥527.91 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 47.53
-0.14 -0.29%
Volume: 1.17M
Oct. 18, 2019 6:30p
P/E Ratio
13.99
Dividend Yield
5.60%
Market Cap
$69.98 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 31.93
-0.19 -0.59%
Volume: 3.25M
Oct. 18, 2019 4:10p
P/E Ratio
17.26
Dividend Yield
5.65%
Market Cap
$30.04 billion
Rev. per Employee
$1.92M
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