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September 8, 2008 10:38:10 AM CDT

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Citigroup Worries Hit World Markets

Posted Nov 5, 07 6:56 AM CST in World,  Business 

(Newser) – Asian and European stock indexes declined today, and US futures dropped sharply as news of Citigroup's projected $11 billion writedown triggered fears that the subprime mortgage crisis will continue to roil markets. Japan’s Nikkei stock index closed 1.5% down, a 7-week low, and Hong Kong's Hang Seng index fell 5.01%, AP reports. UK, German, and French indexes were all off in midday trading.

The Journal reports S&P 500 futures down 11.7 points, Nasdaq 100 futures 15.5 points, and the Dow industrial futures 103 points. "The journey through the financial turmoil has gone back to resembling a tunnel of fear, with new scary monsters jumping out of the dark at every corner," Reuters quotes one analyst observing.

Sources Reuters, Wall Street Journal, Bloomberg, Associated Press

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A pedestrian walks past a digital display updating Nikkei 225 index outside a securities company office in Tokyo, Friday morning, Nov. 2, 2007. The Japanese benchmark stock index plunged over 300 points...   (Associated Press)
Businessmen walk by as the electronic board of a securities company flashes the Nikkei 225 average in Tokyo. (AP Photo/Koji Sasahara)   (Associated Press)
The Citibank logo is shown on a branch office in this April 11, 2007 file photo in New York. (AP Photo/Mark Lennihan, file)   (Associated Press)
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credit crisis  • mortgage crisis  • Citigroup  • stocks  • Nikkei 225 Stock Average


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