Billion-dollar bailout schemes and major bankruptcies have sent taxpayers and traders reeling with shock as global banking systems teeters on the brink of collapse. Is this the end of global capitalism as we know it?
Shares in the social networking giant Facebook did a roaring trade when the company floated on New York’s Nasdaq stock exchange on Friday but there may be choppier waters on the horizon for co-founder Mark Zuckerberg and company.
Social networking website Facebook made a disappointing debut on New York's Nasdaq Friday. Despite early gains of more than 10 percent, Facebook shares fell back to the $38 issue price, ending up just 0.6 percent at $38.23.
Japan's Nikkei closed 2011 at its lowest year-end level since 1982, and down 17.34% from 2010's closing figure. Japan's financial woes were worsened by the Fukushima disaster in March as well as eurozone-related panic selling.
European stock markets plunged on Tuesday, a day after Greek Prime Minister George Papandreou's surprise announcement that Greek voters would have the final say on the EU's latest bailout package.
Markets rallied following Thursday's key eurozone rescue deal in Brussels with the main European markets all closing higher. World stocks measured by the MSCI All-Country World Index advanced to a seven-week high of 1.7 percent.
Troubled Franco-Belgian bank Dexia is in negotiations to sell its Luxemburg affiliate. Trading was suspended in the plummeting stock at the request of the Belgian market regulator.
Stocks in Asia crept up Wednesday in cautious trading, with widespread uncertainty surrounding the EU’s debt plan prevailing. This comes on the heels of Greek Prime Minister George Papandreou’s visit to Berlin on Tuesday.
European markets began the week in retreat, with France’s CAC-40 falling 3 percent and Germany’s Dax closing down 2.8 percent, as international investors worried Greece would fail to take the steps necessary to secure more bailout cash.
World stock markets tumbled Friday on fears over debt problems in the euro zone, and nervousness over the outcome of a Greek debt swap. The euro also suffered, hitting a six-and-a-half month low against the dollar.
