Thursday October 16, 2008
Markets feel the chill from China
Sarah Arnott
independent
Share prices tumble amid fears that downturn is spreading east
Stock markets around the world suffered another day of huge losses yesterday as fears of the global recession spreading to China prompted a renewed bout of negative sentiment.
The FTSE 100 index of leading UK companies lost more than 7 per cent and the Dow Jones Industrial Average in the US was down by almost 6 per cent by mid-afternoon. The gloom in credit crunch-hit Western economies deepened with UK unemployment figures showing a 164,000 rise in the three months to August, and US reports of the biggest monthly fall in retail sales for more than three years.
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