European US stock Financial Stocks Pull Down European Markets

Markets in Asia and Europe fell on Monday, after a report showed that Japan’s economy contracted in the last quarter at its quickest pace in 35 years and a weekend meeting of the Group of 7 finance ministers provided few concrete proposals to counter the recession.
Screens in China showed markets in Europe and Asia lower on Monday. U.S. markets were closed on Washington’s Birthday.
Drops in Europe came after losses in Asia, but trading volumes were subdued as American markets were closed for Washington’s Birthday. American markets reopen Tuesday.

The FTSE 100 in London declined 1.31 percent, the DAX in Frankfurt sank 1.06 percent, and the CAC 40 in Paris dropped 1.19 percent.
Japan’s worse-than-expected fourth-quarter G.D.P. numbers were a sobering reminder of the toll the worst economic downturn in decades is having on Asia’s export-driven economies. Its economy, the world’s second-biggest, shrank 3.3 percent from the previous quarter, or at an annual pace of 12.7 percent.
In Europe, financial stocks dragged markets lower. Shares in Lloyds Banking were volatile in London after the company’s revelation Friday of larger-than-expected losses at the recently acquired Bank of Scotland and on market fears that the combined company might be headed for nationalization.
Shares dropped 20 percent in early trading, but regained ground to close down 8.1 percent. Shares had dropped 30 percent on Friday.
Insurance companies also dragged down the London exchange. The Legal and General Group fell 10.5 percent, Prudential lost 8 percent and Aviva slipped 7 percent.
“Whereas before people were just selling banks, now they are looking at the risk involved with other financials,” said Jane Coffey, head of equities at Royal London Asset Management.
Investors seemed disappointed after finance chiefs from the Group of 7 developed countries finished their meeting in Rome with pledges to work together to bolster growth and unemployment, but stopped short of concrete measures.
Increasingly, investors are unconvinced that world governments are acting quickly enough to counter the economic crisis, analysts said.
“The global recession is deeper than anticipated. At the same time, policy makers are failing to deliver measures to address the problems,” said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong. “It seems that what they’re doing is too little too late.”
The Nikkei 225 stock average in Japan edged down 0.38 percent, to 7,750.17 on Monday, and the Hang Seng index in Hong Kong dropped 0.73 percent, to 13,455.88.

The Kospi in South Korea lost 1.4 percent.
India’s benchmark tumbled 3.6 percent after the government, proposing its interim budget, offered no new stimulus measures. Markets in Australia and Singapore also retreated.
In Japan, several exporters were hurt by the data showing the economy sank deeper into recession.
The result represents the steepest drop for Japan since the oil shock of 1974 and outpaced G.D.P. drops in the United States and the euro zone.

A survey of economists by Kyodo news agency had projected an 11.6 percent annualized contraction.
“It’s clearly very shocking data,” said Clive McDonnell, head of Asia strategy at BNP Paribas Securities in Hong Kong. “The drop is certainly beyond our own quite negative expectations.”
Shares in the Toyota Motor Corporation lost 0.7 percent, while the electronics heavyweight Canon slid 1.2 percent and the Sony Corporation fell 1.3 percent.
In the United States, equity markets were closed for Washington’s Birthday. On Friday, the Dow Jones industrial average fell 1 percent, to 7,850.41, its lowest close since Nov. 20. The Standard & Poor’s 500-stock fell 1 percent, ending its week off 4.8 percent.



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