Losses on Wall Street rip through Asian financial markets

11 Octobre, 2018, 20:36 | Auteur: Auguste Feret
  • A screen above the floor of the New York Stock Exchange shows the closing number of the Dow Jones industrial average

A stock market rout that started on Wall Street rolled through Asia on Thursday, driving China's benchmark to a four-year low and sending indexes in Japan, Korea, and Australia plunging.

The Shanghai Composite index plunged 5.2 per cent to its lowest level since November 2014 and Japan's Nikkei 225 fell by an unusually wide margin of nearly 4 per cent. Markets across Southeast Asia recorded similar declines. Markets across Southeast Asia recorded similar declines.

Meanwhile, strong economic data has led to a sell-off in U.S. Treasury bonds, which is fueling fears of even higher interest rates.

Earlier this week the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce.

The US Federal Reserve recently raised short-term interest rates for the third time this year, with one more expected before the year ends.

On Wednesday, U.S. stocks slumped as concerns over rising interest rates and trade tensions caused a sell-off in technology and internet stocks.

Whether the lower reading will quell expectations the Federal Reserve will hike interest rates again in December remains to be seen, said Yousef Abbasi, global market strategist at INTL FCStone in NY.

"I think the Fed has gone insane", he charged.

"Equity markets were pulverized today", with investors in "full out retreat", analyst Stephen Innes of OANDA said in a commentary.

Wall Street's troubles caused turmoil in worldwide markets overnight.

Sentiment also has been dampened by the spreading US-Chinese tariff fight over Beijing's technology policy.

Adding to potential U.S.

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Tokyo's Nikkei 225 gave up 3.9% to 22,591.10 and the Shanghai Composite lost 4.3% to 2,607.44. Hong Kong's Hang Seng index shed 3.7 per cent to 25,220.67.

MSCI's gauge of stock performance in 47 countries.MIWD00000PUS fell 2.2 percent, the pan-European FTSEurofirst 300 index .FTEU3 of leading regional share lost 2.1 percent. Australia's S&P/ASX 200 slipped 2.4 per cent to 5,906.00.

Among the biggest sectoral fallers were oil stocks .SXEP , down 2.3 percent, as oil fell to two-week lows, while banks .SX7P fell 1.9 percent. -China tensions, the Justice Department announced Wednesday it arrested an official of China's Ministry of State Security on charges of trying to steal trade secrets from US aerospace companies.

The Dow Jones Industrial Average lost 101 points, or 0.4 percent, to 25,497. The Nasdaq composite, which has a large contingent of technology stocks, was 4.1 percent lower at 7,422.05. Britain's FTSE 100 tumbled 1.9 percent to 7,011. The Russell 2000 index of smaller-company stocks shed 2.9 percent, to 1,575.41.

Snapchat's parent company Snap fell 5.9pc to a new all-time low and Amazon, Apple, Alphabet and Facebook all dropped by between 4.6pc and 6.5pc.

Francis Tan, an investment strategist at UOB private bank, believes the markets will likely pick up in the USA session.

"The valuation of US stocks, especially tech stocks, is still pretty high and there could be some profit taking actions now", Tan explained.

The dollar slipped to 112.17 Japanese yen from 112.27 yen late on Wednesday.

The euro pushed up to $1.1565 and away from a low of $1.1429 early in the week.

Oil futures fell. USA crude gave up 1.27 dollars to 71.90 dollars a barrel.

A television screen on the trading floor of the New York Stock Exchange shows the plunging numbers for the Dow Jones industrial average, March 22, 2018, as investors feared trade tensions will spike between the US and China.

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