Asian markets crash after volatility: FTSE-100 sharp drop

October 24. London’s FTSE-100 index open to a sharp drop of 5 percent this morning, dropping 205.23 points down to 3884.81 as fears of recession set in and panic selling in Asia.

HBOS fell 5.9p to 66.9p. HSBC tumbled 70p to 735p. Commodity prices slumped on global growth fears with Cairn Energy sank 225p to £11.35, Xstrata dropped 92p to 748p.

Many regions’ of Asian was sent to five-year lows with stocks engulfed in wild currency volatility dismal sell off.

South Korea, Singapore, Hong Kong and Tokyo stocks were given a complete thrashing catching emerging markets as it spread like wild fire, panic stricken investors taking cash out of investments at speeds.

As foreign exchange action grew into frenzy, trading floors in Hong Kong and Tokyo watch in horror as the yen continued its insistent rise against the US dollar to finally end this morning at a 13-year high, the frenzy has wiped-out profits of exporters and highlighted the depth of panic.

Source: timesonline