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10/10/2008Madrid stock market falls

Spain’s Ibex stock market drops 6 percent early Friday in the midst of a general economic slump.

10 October 2008

MADRID -- Spain's Ibex stock index fell 6.34 percent in early trading on Friday amid fears that the credit crisis will turn into a world economic downturn.

After about an hour of trading the index was at about 9,200 points. It dropped by nearly 8 percent in opening transactions, in line with other European exchanges after similar losses in the US and Asia, before picking up somewhat.

The Spanish stock market lost around 35 percent of its value since the beginning of 2008.

One of Europe's fastest growing economies since 1998, Spain's economy fell in recent months due to a collapse in its key construction industry and a sharp drop in the housing market.

Prime Minister Jose Luis Rodriguez Zapatero will travel to Paris later Friday to meet French President Nicolas Sarkozy to discuss the ongoing crisis.

[AP / Expatica]


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