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Global Stocks Lower Friday             09/30 05:39

   Global stock markets were sharply lower Friday as investor sentiment was 
dented by renewed worries about the financial health of Deutsche Bank following 
reports that some hedge funds were moving their businesses out of Germany's 
biggest bank.

   SEOUL, South Korea (AP) -- Global stock markets were sharply lower Friday as 
investor sentiment was dented by renewed worries about the financial health of 
Deutsche Bank following reports that some hedge funds were moving their 
businesses out of Germany's biggest bank.

   KEEPING SCORE: European stocks started lower. Britain's FTSE 100 fell 1.1 
percent to 6,847.05 while France's CAC 40 sank 1.7 percent to 4,366.89. 
Germany's DAX lost 1.6 percent to 10,243.71. Futures augured a tepid start on 
Wall Street. S&P futures and Dow futures both lost 0.2 percent.

   ANALYST'S TAKE: "Risk sentiment waned overnight as worries about global 
banks weighed on markets," said Alex Wijaya, senior sales trader at CMC Markets 
in Singapore. "Stock markets worldwide are rattled by the latest development at 
Deutsche Bank."

   BANK WOES: Shares of Deutsche Bank nosedived to below 10 euros a share for 
the first time after reports said some hedge funds have taken measures to 
reduce risks associated with the German bank. The company has been a source of 
concerns for investors for weeks since U.S. authorities disclosed that they are 
seeking $14 billion from the bank to settle legal claims over its sales of 
mortgage securities in 2007 and 2008. The bank said it had struck a deal to 
sell a subsidiary and stressed that it was not seeking government help, but 
investors are worried about what will happen to Germany's biggest lender and to 
the broader financial system if Deutsche Bank runs low on capital. Analysts 
said the bank's troubles are raising scrutiny over other banks in Europe, which 
are also in talks regarding mortgage settlements with U.S. authorities.

   CHINA OUTPUT: The Caixin monthly purchasing managers' index, which is 
closely watched for insights into China's economy, ticked up to 50.1 for 
September from the previous month's 50.0 reading. The tiny expansion in 
activity and gains in overall new orders for the third straight month offered a 
glimmer of hope for the world's second-largest economy that has been grappling 
with a prolonged slowdown. But the private survey result was not strong enough 
to relieve investors outside China.

   ASIA'S DAY: Japan's Nikkei 225 slumped 1.5 percent to 16,449.84 and South 
Korea's Kospi fell 1.2 percent to 2,043.63. Hong Kong's Hang Seng index sank 
1.9 percent to 23,297.15. Australia's S&P/ASX 200 dropped 0.7 percent to 
5,435.90. China's Shanghai Composite Index was up 0.2 percent to 3,004.70. 
Stocks in Singapore and other Southeast Asian countries were lower.

   OIL: Benchmark U.S. crude lost 54 cents to $47.29 per barrel in New York. 
The contract gained 78 cents, or 1.7 percent, to close at $47.83 a barrel on 
Thursday. Oil prices surged earlier this week after the nations of OPEC, which 
collectively produce more than third of the world's oil, agreed to a small cut 
in production in a surprise decision. Brent crude, the international benchmark, 
fell 61 cents to $49.20 a barrel in London.

   CURRENCIES: The dollar fell to 101.03 yen from 101.16 yen while the euro 
weakened to $1.118 from $1.122.


(KA)

 
 
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