World markets fall as Japan’s recession deepens
World stock markets fell Monday, after new figures showed Japan’s economy contracted at its quickest pace in 35 years and a weekend summit of Group of Seven finance ministers provided few concrete proposals to counter the economic crisis.
Drops in Europe followed losses in Asia, but trading volumes were subdued as U.S. markets remained closed for Presidents Day.
Britain’s FTSE 100 closed down 1.3 percent at 4,134.75, Germany’s DAX sank 1.1 percent to 4,366.64, and France’s CAC 40 dropped 1.2 percent to 2,962.22.
Japan’s worse-than-expected fourth quarter GDP numbers were a sobering reminder of the toll the worst economic downturn in decades is having on Asia’s export-driven economies. The world’s second-biggest economy shrank 3.3 percent from the previous quarter, or at an annual pace of 12.7 percent.