Citigroup Worries Hit World Markets

Asian, European markets down, US futures off on news of $11B writedown
By Lucas Laursen,  Newser Staff
Posted Nov 5, 2007 6:56 AM CST
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)
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(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.