Uncertainty about what steps the finance chiefs of the world's major economies will take over the weekend to confront the financial crisis further fueled the market's anxiety. Stocks added to losses after a G7 official said the Group of Seven major nations is unlikely to adopt Britain's proposal to guarantee lending between banks when it meets on Friday.
The Dow Jones industrial average <.DJI> dropped 482.83 points, or 5.63 percent, to 8,096.36. The Standard & Poor's 500 Index <.SPX> slid 60.19 points, or 6.61 percent, to 849.73, close to its levels in October 2002. The Nasdaq Composite Index <.IXIC> was down 85.89 points, or 5.22 percent, at 1,559.23, near its levels in June 2002.
NYMEX-NEW YORK, Oct 10 (Reuters) - U.S. crude oil futures ended down more than 10 percent on Friday to mark the lowest settlement since September 2007 as Wall Street tumbled on growing fears that tighter credit could spark a global recession.
Oil investors were not reassured even as President George W. Bush said the U.S. government was moving aggressively to address the financial markets crisis
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Nearby months limit-down on weak global stock markets and bearish U.S. soy production and ending stocks data in USDA's October supply/demand reports.
USDA projected 2008/09 U.S. soy ending stocks at 220 million bushels, above an average of analysts' estimates for 187 million and USDA's September forecast for 135 million.
USDA pegged 2008 U.S. soy production at 2.983 billion bushels, above an average of analysts' estimates for 2.922 billion and USDA's September forecast for 2.934 billion.
SOYOIL - October
Most contracts fall 2.50-cent limit, following soybeans,weak global stocks and falling crude oil. No limit in October,which is in delivery.
FCPO-KUALA LUMPUR, Oct 10 (Reuters) - Asian vegetable oil markets plummeted on Friday as panicky investors unwound positions amid growing fears of global recession that slows demand and adds to already ballooning stockpiles.
Dalian soyoil futures <0#BBY:> dived by their limit down while Malaysian crude palm oil futures tumbled 8.7 percent . Chicago soyoil <0#BO:> was also caught in the sell-off during Asian trading hours.
The benchmark December palm contract
REGIONAL EQUITIES-SINGAPORE, Oct 10 (Reuters) - Southeast Asian stock markets plunged to multiyear lows, tracking global markets reeling from the tightening grip of the credit crisis, while Indonesia
decided to sit out the turmoil for a third straight day.
Europe joined Asia's panic selling in stocks, knocking the benchmark world equity index to a five-year trough as fears grew that efforts by policymakers are insufficient to contain the global financial crisis.
Malaysian stocks <.KLSE> declined 3.6 percent, while Vietnam <.VNI> lost 4.7 percent.
Philippine stocks <.PSI> closed down 8.3 percent. Thai stocks <.SETI> fell over 10 percent to trigger a temporary trading halt, before closing down 9.6 percent
In Singapore, the Straits Times Index <.FTSTI> fell 7.3 percent to its lowest close since December 2004 as the city-state sunk into its first recession in six years,
government estimates showed.
