Overseas roundup: Shanghai index plunges 4.41%

Posted Nov 22nd 2007 4:06PM by Barry Summerlin
Filed under: After the Bell, Major Movement, Earnings Reports, Deals, India, China, PetroChina Co Ltd ADR (PTR)

Happy Thanksgiving from the BloggingStocks staff and contributors! Here are some leading financial stories around the world today:

Stocks plunge in China
China's Shanghai Composite Index sank 4.41 percent Thursday to fall below 5,000 -- 18.2 percent off its peak of 6,092 in mid-October -- adding evidence of an end to the China bubble. Shares of PetroChina (NYSE: PTR), the world's largest oil company, fell 4.6 percent to 35.11 yuan.

ArcelorMittal takes charge in China
ArcelorMittal (NYSE: MT), the world's leading steelmaker, is taking a controlling 73 percent stake in China Oriental Group Co. Earlier this month, ArcelorMittal bought a 28% stake in the iron and steel maker for $647 million. The Luxembourg-based company also disclosed plans for steel plants in India's Jharkhand and Orissa states.

Air France-KLM's Q2 profits soar
Air France-KLM (NYSE: AKH) on Thursday posted second-quarter profit of $1.1 billion, nearly double the $539.7 million reported in the same period last year. The top European airline also said it had not dismissed the possibility of offers for Italy's Alitalia or Spain's Iberia airlines.

Goldman bets on CMC Markets
London's CMC Markets said Thursday that Goldman Sachs (NYSE: GS) has agreed to take a 10% stake in the spread-betting firm for £140 million, or $289 million.

Denmark to reconsider euro
Prime Minister Anders Fogh Rasmussen said Thursday that sometime in the next four years, Denmark will hold a new referendum on adopting the euro, much of Europe's common currency. Danes rejected the euro in 2000.

Tags: Air France-KLM, AirFrance-klm, airlines, ArcelorMittal, China, China Oriental Group, ChinaOrientalGroup, CMC Markets, CmcMarkets, Denmark, earnings reports, EarningsReports, euro, Goldman Sachs, GoldmanSachs, GS, PetroChina, PTR, steel