Hang Seng plummets in London

The Hang Seng London Reference Index plunged more than 500 points last night, mirroring the fall in the territory during the day. It closed 525.39 points lower at 15,571.49.

London's FTSE-100 Index also fell - it dropped 2.51 per cent to close at 4,865.8 points, a drop of 125.5. The market was dragged down by HSBC Holdings shares which fell at least seven per cent.

In New York, stocks also dropped sharply, dragged down by a weak bond market and an ailing dollar. At 3.30 pm, the Dow Jones Industrial Average was down 144 points at 7,797.