Asian stocks tumbled on Monday followed by losses across European and United States markets on concern over company earnings and increasing gloom about prospects for the global economy, analysts said. Wall Street stocks opened lower as Wachovia bank, one of America’s largest retail banking groups, announced a net loss of $350-million.
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/ 27 December 2007
Despite the last-minute shopping frenzy, holiday retail sales were sluggish as the United States consumer spent less than expected while internet shopping slowed down. Many shoppers waited until the last moment to buy gifts for Christmas, as only 18% of Americans had finished their holiday shopping in mid-December.