Europe, Tokyo stocks slump

Pakistan Observer - - ECONOMY WATCH -

LON­DON—Euro­pean stock mar­kets slumped on Thurs­day, tak­ing their lead from Tokyo which fell heav­ily as the Bank of Ja­pan shocked traders by de­cid­ing against fresh stim­u­lus mea­sures. The sur­prise move by the BoJ came af­ter the Fed­eral Re­serve pro­vided a pos­i­tive out­look on the global econ­omy, high­light­ing mixed sig­nals from the world’s lead­ing cen­tral banks.

Wall Street had fin­ished mostly higher on Wed­nes­day af­ter the Fed sug­gested that it was less wor­ried about in­ter­na­tional eco­nomic and mar­ket prob­lems than in March, as the US cen­tral bank kept in­ter­est rates un­changed. Around 1015 GMT on Thurs­day, Lon­don’s bench­mark FTSE 100 in­dex was down 1.1 per­cent com­pared with Wed­nes­day’s clos­ing level.

In the eu­ro­zone, Frank­furt’s DAX 30 in­dex shed 1.3 per­cent and the Paris CAC 40 re­treated by 1.4 per­cent in value. Madrid’s IBEX 35 in­dex tum­bled 2.3 per­cent.—AFP

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