Leading European stock markets on Friday, October 24, opened a serious decline in the wake of Asia and led by shares of automobile companies.
Asian stock indexes sharply collapsed to 10% on negative corporate news from several leading companies. The major portion of the negative message has the second largest in the world automakers Toyota Motor Corp to lower sales volume in the III quarter of 2008 to 6.4% for the first time in seven years. European car manufacturers also failed to please investors: the second largest European automobile manufacturer PSA Peugeot Citroen and truck manufacturer Volvo reduced annual profit forecasts because of falling profits in the III quarter. Against this backdrop, desheveyut shares: PSA Peugeot Citroen (-12%), Volvo AB (-19%), Bayerische Motoren Werke AG (-6,13%), Daimler AG (-6,87%), Volkswagen AG (-7 , 64%).
Negative momentum as stock quotes show the banking sector followed by Morgan Stanley analysts lowering the annual price forecast Securities British bank HSBC. Against this backdrop, declining stocks HSBC (-9,44%), HBOS PLC (-9,62%), Royal Bank of Scotland Group PLC (-5,22%), Barclays PLC (-8,5%), Deutsche Bank AG (-3,64), Commerzbank AG (-3,78%).
At 9.4% collapsed shares of Europe’s largest airline Air France-KLM Group stating that it will be very difficult to achieve the target revenue for the year to 1 billion euros.
Also desheveyut shares two largest mining companies BHP Billiton Ltd (-2,31%) and Rio Tinto Group (-3,97%) against a backdrop of declining prices for non-ferrous metals.
By 12:51 Moscow time the British FTSE 100 index falling by 5.93% to 3845.46 point, the French CAC 40 - at 6.79% to 3086.17 point, the German DAX - at 7.29% to 4190.29 item pan DJ EURO STOXX 50 - at 6.98% to 2280.85 points.
#1 by gilberto on October 24th, 2008 - 5:04 pm
A DISASTER AFTER DISASTER . WHEN WILL IT STOP/
THE GREED AND INCOMPETENCE OF FINANCIAL RESPONSIBLES HAVE PUT US ALL IN THIS MESS WHILE THEY MADE BILLIONS AND LAUGHING AT OUR STUPIDITY TO TRUST THEM . IT IS TIME FOR RADICAL CHANGE AND PUT THE CEO, FINANCIAL MANAGERS, ETC, RESPONSIBLE IN JAIL AND LET THEM REIMBURSE THE STOLEN MONEY A WISHFUL THINKING !!!!!!!!!!!
SORRY JUST ANOTHER INJUSTICE WHICH WE MUST BEAR IN SILENCE.