European stock markets closed sharply lower today after more bad news, with Japan, the world's second largest economy, in recession and US banking giant Citigroup cutting a massive 50,000 jobs.
In Europe, major markets were down 2% to 3%. In London, the FTSE 100 was down 2% at 4,132 points, with banks showing some of the heaviest losses. In Paris, the CAC shed 3% to 3,182 points and in Frankfurt the DAX lost 3% to 4,557 points.
Dublin's ISEQ closed down 103 points (close to 4%), standing at 2,571. The banks have been the biggest losers today, with Bank of Ireland going below €1 for the first time. In plummeted to €0.83, down 26 cent, or almost 24%. Meanwhile Anglo Irish Bank was down almost 14%, or 18 cent, at €1.11 and AIB was down 30 cent (10%) at €2.65. Irish Life & Permanent was up one cent at €1.56. Kingspan was down 11% at €3.28 after saying it expects to report a 33% decline in yearly operating profits.
On Wall Street a short time ago, the Dow Jones was slightly higher at 8,508, up 10 points. The Nasdaq was flat at 1,516.
In Asia, Tokyo's Nikkei index still managed to close 0.7% higher at 8,523, even after data showed that Japan, the world's second-largest economy, has slipped into recession. Japan's economy shrank 0.1% in the third quarter for its second quarter of contraction in a row. The Hang Seng closed 13 points lower at 13,530.
