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21 May 2024

World stocks fall sharply on economy worries

By Agencies

World stocks fell sharply on Monday, battered by fears of US recession and investor disappointment about a fiscal rescue plan promoted by the US administration.

MSCI's main world stock index was down 1.8 per cent, nearing their 2007 low. European shares were down more than 2 per cent a short while after opening, taking their 2008 year-to-date losses to nearly 12 per cent.

Japan's benchmark Nikkei averageĀ  lost 3.86 per cent to close at a two-year low.

US stock markets were closed on Monday for a holiday. Demand for safe-haven bonds was high. (Reuters)