Beleaguered banks lead stock slump
China Daily | Updated: 2008-07-09 07:34
Stocks fell in Europe and Asia as concern deepened that financial firms will need more capital and automakers forecast slumping sales. US index futures rose.
UBS AG, Deutsche Bank AG and Mitsubishi UFJ Financial Group Inc retreated after analysts said the two largest US mortgage finance companies may have to raise a combined $75 billion. Merrill Lynch & Co fell in Germany after Wachovia Corp slashed its earnings forecast for the third-biggest US securities firm.
Carmakers sank as PSA Peugeot Citroen SA warned of a "greater slowdown" in demand in Europe and Fiat SpA said it will close four auto plants.
Photo
