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Global stocks at 5-1/2 year lows

(Agencies)
Updated: 2008-11-20 19:15

European banks remained under pressure after Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the US banking giant.

Related readings:  Tokyo stocks close sharply lower in morning trading  Mainland stocks join worldwide declines  Asia stocks sink as layoffs add to global gloom  Stocks decline further on economic woes

"Having seen Lehman and Merrill Lynch fall by the wayside this year, the sight of another major such as Citigroup struggling will prove a bitter pill to swallow," said Chris Hossain, senior sales manager at ODL Securities.

Oil fell by more than $1 a barrel to 22-month lows at $52.49, as the slumping global economy hit demand.

The two-year US Treasury yield hit a record low of 1.06 percent on expectations of a 50 basis point US rate cut to 0.50 percent next month.

Euro zone government bond futures rose more than half a point to their highest since March 2006 at 120.36.

The dollar dropped 0.77 percent to 95.20 against the safe-haven yen, but edged up against the euro to $1.2504.

Emerging markets suffered from falling commodity prices and global demand.

The MSCI emerging equities index dropped 4.55 percent to 467.32. Russian stocks on the MICEX exchange fell 7.5 percent before trading was suspended for an hour.

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