A roundup of trading on major world markets:
NEW YORK – US stocks have fallen decisively, with petroleum-linked equities hit especially hard amid growing fears about the slowing Chinese economy.
The Dow Jones Industrial Average on Wednesday tumbled 162.61 points (0.93 per cent) to 17,348.73.
The broad-based S&P 500 dropped 17.31 points (0.83 per cent) to 2,079.61, while the tech-rich Nasdaq Composite Index sank 40.30 point (0.80 per cent) to 5,019.05.
China worries have dominated trade since the Chinese central bank unexpectedly devalued the currency last week. That came on the heels of about six weeks of volatility in the Chinese stock market.
“China has now become the new geopolitical concern, replacing Greece,” said Sam Stovall, chief investment strategist at S&P Capital IQ.
LONDON – European stock markets have closed lower, dragged down by volatile trading in Shanghai amid concerns over China, the world’s second biggest economy.
London’s benchmark FTSE 100 index finished the day down 1.88 per cent at 6,403.45 points in the British capital.
Frankfurt’s DAX 30 ended 2.14 per cent lower at 10,682.15 points and the CAC 40 in Paris shed 1.75 per cent at 4,884.10 compared with Tuesday’s close.
European equity markets meanwhile dropped “as once again weaker markets in Asia are souring sentiment for investors”, said Markus Huber, senior analyst at brokers Peregrine & Black.
Asian stock markets closed mixed on Wednesday, with Shanghai rebounding from heavy falls on more state support, while Tokyo slumped after the release of weak trade data.
HONG KONG – Asian shares were mixed, with Shanghai rebounding from heavy falls to close higher on expectations of more state support while Tokyo slumped after the release of weak trade data.
Tokyo fell 1.61 per cent, or 331.84 points, to 20,222.63, after news Japan’s exports are slowing added to concerns about the world’s No.3 economy as demand falls in China.
Shanghai ended a see-saw session up 1.23 per cent, or 45.95 points, at 3,794.11, while Hong Kong lost 1.31 per cent, or 307.12 points, to end the day at 23,167.85, its lowest since December.
Chinese shares erased a more than five per cent plunge in morning trade, in a surge dealers said was driven by what looked like fresh government support for the market.
