Global Stocks Fall on US Recession, European Debt Worries
August 19, 2011
A stock broker works at the Frankfurt stock exchange, Germany, August 19, 2011
Renewed worries about the health of the global economy produced another roller coaster ride Friday in financial markets.
Asian shares took a beating. Hong Kong's Hang Seng index fell three percent, while Japan's Nikkei lost more than two-and-a-half percent.
The main indexes in Europe extended losses from the previous day - declining more than one percent as the trading day closed.
Howard Wheeldon, a senior strategist at BGC partners, said, "At the moment markets, when they don't see the potential for growth, they look back on themselves and when fear and the lack of understanding comes and where the politicians are going - you put all of that together - markets just run away and that's basically what we are seeing."
Wall Street added to its losses this week, following warnings from investment bank Morgan Stanley that the United States and the 17 nations that use the euro may be on the brink of a recession.
Eric Green, chief economist at TD Securities, said the U.S. economy may already be shrinking.
"With an economy operating around stall speed, you can figure anywhere between one percent and two percent, any hiccup, any shock is enough to put it into recession, so that the risk is that if things go awry in Europe, it will eventually feed through into the U.S.," he said.
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