Ocean
The Living Force
http://www.thisislondon.co.uk/standard/article-23577807-details/Shares+plunge+in+big+squeeze/article.do
UK : Shares plunge in big squeeze
Martin Bentham and Hugo Duncan
24.10.08
SHARES dived and the pound suffered its biggest one-day fall for 37 years as Britain headed into a recession today.
At one stage shares in the FTSE-100 slumped by 372 points - more than seven per cent - amid fears about Britain's prospects and renewed turmoil on world markets.
Later it rallied to 248 points down. The Dow Jones index also registered big falls on Wall Street.
Official figures showed the economy contracted by 0.5 per cent in the last quarter - about twice as much as City analysts were predicting.
It was the worst fall in gross domestic product since 1990 and the first time Britain has seen negative growth for 16 years.
The battering for sterling sent it plummeting to as low as $1.53 - nine cents down on the day - as traders took fright at the dismal statistics.
Banks, including HSBC and Standard Chartered, were among the worst hit, while commodities companies also suffered big falls.
Chancellor Alistair Darling responded by admitting that the public faced "difficult months ahead".
UK : Shares plunge in big squeeze
Martin Bentham and Hugo Duncan
24.10.08
SHARES dived and the pound suffered its biggest one-day fall for 37 years as Britain headed into a recession today.
At one stage shares in the FTSE-100 slumped by 372 points - more than seven per cent - amid fears about Britain's prospects and renewed turmoil on world markets.
Later it rallied to 248 points down. The Dow Jones index also registered big falls on Wall Street.
Official figures showed the economy contracted by 0.5 per cent in the last quarter - about twice as much as City analysts were predicting.
It was the worst fall in gross domestic product since 1990 and the first time Britain has seen negative growth for 16 years.
The battering for sterling sent it plummeting to as low as $1.53 - nine cents down on the day - as traders took fright at the dismal statistics.
Banks, including HSBC and Standard Chartered, were among the worst hit, while commodities companies also suffered big falls.
Chancellor Alistair Darling responded by admitting that the public faced "difficult months ahead".
