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Global equities back in doldrums

AFP, Undated
Asian and European stock markets fell sharply once more on Monday as investors worried about possible recession and a forthcoming interest rate call in the United States, analysts said.
The Paris market fell amid anxiety and tension after an alleged seven-billion-dollar fraud was unearthed last week at French bank Societc Generate.
Nervous investor sentiment would drive the direction of world stock markets this week, according to CMC Markets trader Matt Buckland
"It's going to be the sentiments of traders, rather than the fundamentals. that determine just how far markets come off in the near term.'hesaid.
In France, the CAC 40 index of leading shares dived 2.31 percent to 4,765.35 points, Germany's DAX 30 tumbled 1.65 percent to 6,704.17 points and Britain’s FTSE 100 shed 1.57 percent to stand at 5,776.80.
In Asia, fresh jitters about tire outlook for the world economy also seriously rattled markets, dealers said.
They added that investors fled to safe havens such as bonds and gold as markets around Asia slumped deep into the red in the wake of pre-weekend losses on Wall Street, with Shanghai plunging by about 7.2 percent.
Hong Kong closed down 4.25 percent and Singapore tumbled 3.75 percent. Tokyo ended down nearly 4.0 percent as Seoul lost 3.85 percent.
‘Recent volatility continues with worries over US recession weighting," said one London based trader.
"The focus today (Monday) is clearly on the reaction of European markets to weakness in Asia overnight, and all eyes will turn towards Wednesday evening's Fed rate decision."
Most traders predict that the US Federal Reserve will cut American borrowing costs on Wednesday. In an emergency move last week, the Fed slashed rates by 0.75 percentage points to 3.50 percent in a bid to allay US economic concerns.
Lower borrowing costs can increase company profits because they trim loan repayments white also boosting consumer income.
Market views are also mixed about whether the central bank's efforts will be enough to prevent the US economy from slipping into
recession.
"If the Fed makes another rate cut. the market will be likely to take the decision positively," said Mizuho Research Institute senior analyst KojiTakeuchi.
"But the market may turn cautious, as there arc expectations that the forthcoming data may revive concerns about die US economy," said Takeuchi.
World equities were also battered last week by fears about the health of the global financial sector after it emerged that Societe Generate had a deep hole in its accounts attributed to fraudulent dealing by a lone trader.
On Monday, shares in crisis-hit Societe Generate again fell heavily as French authorities seemed poised to put alleged rogue trader Jerome Kernel under formal investigation, one step away from laying charges, over a seven-billion-dollar loss.
With the bank still under pressure over how Kervie! allegedly single-handedly covered up the losses, shares plunged 6.86 percent to 68.8 euros on the Paris stock exchange on Monday.
Societe Generate stock has lost nearly half of its value since last May and many traders expect it to fall further, dealers said.
Sentiment remains fragile in the wake of last week's rollercoaster performance that saw global shares slump on fears of a US recession before rebounding sharply following the emergency US rate cut and an economic stimulus plan.
However, the global rally began losing steam in Asia late on Friday.
"The turnaround in equity market sentiment on Friday in the US has been sustained today (Mon -day)... as investor optimism evapo -rated," said economist Derek Halpenny at The Bank of Tokyo-
Mitsubishi UFJ.
"The turnaround ... once again underlines the fragility of investor sentiment which we believe will be sustained for some time to come thus reinforcing the likelihood that volatility remains high."