| Tuesday, November 13, 2001, updated at 09:34(GMT+8) |
European Stocks Plunge Following US Plane Crash |
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European stock markets tumbled on Monday, led by airline and insurance companies, after a passenger jet crash in New York.
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European stock markets tumbled on Monday, led by airline and insurance companies, after a passenger jet crash in New York.
The airline sector, which has been struggling hard in a dire situation since the events of September 11 when hijacked planes were crashed into New York and Washington, were hit again.
EADS, Europe's biggest aerospace company and owner of 80 percent of Airbus, dropped 9.4 percent.
British carrier British Airways fell 6.5 percent, while Luthansa dropped 6.4 percent and shares in KLM Royal Dutch Airlines also dropped 6.4 percent.
Europe's insurance sector, meanwhile, which could face another huge bill for any damage caused by Monday's crash -- having just paid out billions to claimants as a result of September 11 -- was down 4.25 percent.
France's AXA lost 6.1 percent while Swiss Re, the world's second largest reinsurance group, shed 3.2 percent. Germany's Allianz gave up 3.2 percent.
In London, Britain's leading shares tumbled after news of a plane crash in New York sparked fears of more attacks on the United States.
The FTSE 100 closed 98.0 points or 1.87 percent lower at 5,146.2 points, its lowest closing level for more than a week.
German airline Lufthansa and insurers Allianz and Munich Re dragged down the blue-chip DAX index which ended at 4820.37 points, down 89.70 or 1.83 percent.
European aerospace giant EADS led a Paris bourse fall as the airline disaster highlighted global security fears.
The benchmark Paris CAC-40 index closed down 3.05 percent or 137.70 points at 4,376.58 points.
The pan-European FTSE Eurotop 300 index also closed down 2.9. percent.
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