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| Global shares fall on earnings and Spain concerns | Global shares fall on earnings and Spain concerns |
| (about 1 hour later) | |
| Share indexes have fallen on both sides of the Atlantic after weak results from two large US companies, and more bad news for the Spanish economy. | Share indexes have fallen on both sides of the Atlantic after weak results from two large US companies, and more bad news for the Spanish economy. |
| With US manufacturer 3M and chemicals group Dupont both missing profit targets, Wall Street's Dow Jones index lost 1.8%. | |
| In Europe, France's Cac ended down 2.2%, while the UK's FTSE gave up 1.4%. | In Europe, France's Cac ended down 2.2%, while the UK's FTSE gave up 1.4%. |
| The falls came after Spain's central bank said the country's economy had contracted further. | The falls came after Spain's central bank said the country's economy had contracted further. |
| The Bank of Spain estimates that economic output fell by 0.4% in July to September. | The Bank of Spain estimates that economic output fell by 0.4% in July to September. |
| Investor concern about the Spanish economy was increased further by credit rating agency Moody's downgrading five of the country's regional governments. | Investor concern about the Spanish economy was increased further by credit rating agency Moody's downgrading five of the country's regional governments. |
| Germany's Dax index ended down 2.1%, while Spain's Ibex lost 1.6%. | Germany's Dax index ended down 2.1%, while Spain's Ibex lost 1.6%. |
| "Investor sentiment has definitely changed from just a couple weeks ago, when everything was received as good news, to fear [today]," said James Dailey, portfolio manager at Team Asset Strategy Fund in Pennsylvania. | "Investor sentiment has definitely changed from just a couple weeks ago, when everything was received as good news, to fear [today]," said James Dailey, portfolio manager at Team Asset Strategy Fund in Pennsylvania. |
| "We've been hit today again with the harsh reality, which is weak results and ongoing problems in the eurozone." | "We've been hit today again with the harsh reality, which is weak results and ongoing problems in the eurozone." |
| Shares in Dupont were down more than 8% after it reported a sharp drop in quarterly earnings, while 3M saw its shares fall by 3.3%. They were just the latest US firms to disappoint with their results for the three months from July to September. | Shares in Dupont were down more than 8% after it reported a sharp drop in quarterly earnings, while 3M saw its shares fall by 3.3%. They were just the latest US firms to disappoint with their results for the three months from July to September. |
| "Clearly US companies are feeling the pain as a result of the global slowdown," said Bernard Baumohl, managing director at the New Jersey-based Economic Outlook Group. | "Clearly US companies are feeling the pain as a result of the global slowdown," said Bernard Baumohl, managing director at the New Jersey-based Economic Outlook Group. |