World stocks went into a tailspin today,with mounting European as well as American debt concerns impacting the investor sentiment amid sluggish global economic conditions. The persisting European debt turmoil,coupled with the looming possibility of the US missing the deficit target,prompted investors to resort to a selling-spree,especially in Europe. While most of the Asian bourses closed in the red,stocks in Europe began on a shaky note and all the key indices FTSE 100,Dax and Cac 40 - slumped over two per cent in early trade. Adding to the European debt gloom,the American lawmakers are reported to have differences over implementing of spending cuts of over $1 trillion. Led by a steep slide in Indian markets,most of the Asian indices closed in the negative territory. India's 30-share Sensex shed 2.60 per cent or over 425 points to end the day at 15,946.10 points. Hong Kong's Hang Seng and Singapore's Straits Times Index plummeted over one per cent to close at 18,225.80 points and to 2,697.98 points,respectively. A slew of disappointing economic readings from different parts of Asia,including slowdown in Japanese exports and lower-than-expected growth prospects for Singapore,rattled the markets. Japan's key Nikkei 225 slipped marginally to 8,348.27 points while Australia's main S&P/ASX 200 Index dipped to end the day at 4,163 points. With no lasting solution in sight for the persisting European debt crisis,which has now cast shadows on Italy and Spain,major stock indices in the region plunged over two per cent in morning trade. London Stock Exchange's FTSE 100 tumbled to 5,254.13 points,while German benchmark index Dax slid to 5,659.63 points. France's Cac 40 dropped to 2,926.02 points.
