The New York Times reports that global stock markets are tumbling. Nobody really knows why but the latest theory is that investors are concerned about the capital problems at Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) about which I posted yesterday.
Here's a survey of some of the global market damage:
- Nikkei 225 stock average fell 2.5%
- The Hang Seng index in Hong Kong down 3.3%
- S&P/ASX 200 index in Sydney declined 1.4%
- In London morning trading, the FTSE 100 index was down 2.7%
- DJ Euro Stoxx 50 index, of euro zone blue chips, fell 2.3%
- DAX in Frankfurt fell 2.4%
- CAC 40 in Paris sank 2.4%
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