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Global
share prices continued falling yesterday, with New York’s
Dow Jones showing further declines after key European markets
closed lower.
In early trade, the Dow fell 0.5 per cent amid continuing
fears over high oil prices.
Share indices in Paris and Frankfurt ended the day about
0.6 per cent lower, but London’s FTSE shrugged off
earlier losses to register a 0.2 per cent rise.
Earlier, China’s benchmark Shanghai index dropped by
5.3 per cent, while India’s Sensex index declined by
4.3 per cent.
Indices in Japan, Taiwan and South Korea all shed more than
2 per cent.
The global stock market downturn began in New York on Thursday,
when the Dow fell more than 3 per cent to a two-year low.
The fear on Wall Street is that rising prices and tighter
finances will force Americans to curb spending and push
the economy into recession.
Consumer concerns
Traders brushed aside positive news about US consumers yesterday.
The US economic stimulus package, which will hand out billions
of dollars to Americans this year, boosted household budgets
and helped consumer spending rise 0.8 per cent last month.
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