Canada Markets Dive in Tech Selloff
Canada's benchmark TSE 300 dropped 126.5 points to 7451.2. Earnings warnings from Lucent and Ciena helped push stocks lower. Ten of the index's sub-indexes fell, led by a 5.6% percent plunge in industrial products, reflecting the meltdown in technology stocks.
European markets moved lower. In London, the Financial Times-Stock Exchange 100 index ended off 45.10 points, or 0.88%, to 5,074.90, on news that December manufacturing sentiment hit a 3-year low, while November retail sales rose 1.3%, the fastest pace in 13 years. In Germany, the DAX Index dropped 103.33 points, or 2.04%, to 4,959.23. German retail sales suffered its biggest biggest decline in 2 years. The European Central Bank's Welteke sees German economy recovering slowly next year. In France, the CAC 40 finished down 100.02 points, or 2.22%, to 4,410.66.
Asia markets fell, following Wednesday's sharp gains. Japan's Nikkei fell 368.07 points, or 3.41%, to 10,433.45. The index suffered its worst one-day decline since Sept. 17. Results of the December Tankan survey of Japanese business conditions, while better than expected, showed further deterioration in sentiment. In Hong Kong, the market shed 317.52 points, or 2.68%, to 11,529.54.