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June 29, 2010, 11:04 p.m. EDT

European, Asian Stocks Tumble Amid Growth Fears

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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.

They continued down in Asia early Wednesday, with exporters taking a beating in Tokyo on the yen's strength. Shanghai fell another 1.5%, with Japan falling 2.2% to hit its lowest level this year, Australia declining 1.8%, South Korea dipping 1.4% and New Zealand shedding 1.1%.

In Europe on Tuesday, investors also were 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 -0.73% 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-resources stocks, closely tied to global growth, ArcelorMittal /zigman2/quotes/202790215/composite MT +0.26% fell 6.3% and Rio Tinto dropped 6.4%.

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%.

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 -1.33% fell 3.8%, Fanuc /zigman2/quotes/202054799/delayed JP:6954 +0.61% was off 2.2% and Isuzu Motors /zigman2/quotes/202637468/delayed JP:7202 -0.09% 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 -0.40% rose 0.2% and Nikon /zigman2/quotes/203281219/delayed JP:7731 +0.74% fell 0.3%.

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.

/zigman2/quotes/200767526/composite
US : U.S.: NYSE
$ 44.82
-0.33 -0.73%
Volume: 20,943
Jan. 29, 2020 10:06a
P/E Ratio
18.45
Dividend Yield
0.44%
Market Cap
$2.18 billion
Rev. per Employee
$247,988
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/zigman2/quotes/202790215/composite
US : U.S.: NYSE
$ 15.37
+0.04 +0.26%
Volume: 322,403
Jan. 29, 2020 10:06a
P/E Ratio
7.68
Dividend Yield
1.10%
Market Cap
$15.54 billion
Rev. per Employee
$363,403
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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
loading...
/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/202492162/delayed
JP : Japan: Tokyo
¥ 2,152.00
-29.00 -1.33%
Volume: 1.92M
Jan. 29, 2020 3:00p
P/E Ratio
22.49
Dividend Yield
2.09%
Market Cap
¥529.05 billion
Rev. per Employee
¥24.53M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 19,900.00
+120.00 +0.61%
Volume: 704,000
Jan. 29, 2020 3:00p
P/E Ratio
34.15
Dividend Yield
N/A
Market Cap
¥3795.86 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 1,122.00
-1.00 -0.09%
Volume: 1.65M
Jan. 29, 2020 3:00p
P/E Ratio
8.54
Dividend Yield
3.39%
Market Cap
¥828.26 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 71.73
-0.29 -0.40%
Volume: 92,161
Jan. 29, 2020 10:05a
P/E Ratio
11.93
Dividend Yield
0.37%
Market Cap
$88.64 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,359.00
+10.00 +0.74%
Volume: 1.77M
Jan. 29, 2020 3:00p
P/E Ratio
8.97
Dividend Yield
4.42%
Market Cap
¥525.57 billion
Rev. per Employee
¥34.15M
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