US shares tumbled in their biggest falls since the peak of the financial crisis as a global growth scare caused investors to shun equities and take refuge in government debt.
Bank of America fell as much as 23 per cent, Citigroup 22 per cent and Morgan Stanley 15 per cent as the first trading day following Standard & Poor’s downgrade of the US credit rating saw a rout in markets with the S&P 500 closing down 6.6 per cent, its biggest one-day fall since December 2008.
Germany’s Dax-30 and France’s CAC-40 became some of the first big western stock markets to enter “bear” territory, after falling more than 20 per cent from their peaks.
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