A roundup of trading on major world markets:
NEW YORK – US share prices have plunged more than three per cent as China’s economic problems drove a major sell-off on Wall Street for a second day.
In its worst single session in nearly four years, the Dow Jones Industrial Average lost more than 500 points, or 3.12 per cent, on Friday while the broader S&P 500 gave up 3.19 per cent and the Nasdaq Composite shed 3.52 per cent.
The Dow Jones Industrial Average finished down 530.94 points at 16,459.75, taking it to its lowest level since October 2014.
The S&P 500 lost 64.84 points to 1,970.89, taking it back to levels of last October. The Nasdaq Composite, which had registered the strongest gains of the year, shed 171.45 points at 4,706.04, about 30 points below where it had ended in 2014.
LONDON – World stock markets suffered heavy losses, as China’s economic woes stirred up fears for global growth.
London’s benchmark FTSE 100 index sank 2.83 per cent to close at 6,187.65 points, falling for the ninth consecutive day and wiping STG160 billion ($USA342.10 billion) off the value of UK-listed companies.
Paris’ CAC 40 plunged 3.19 per cent to 4,630.99 points, and Frankfurt’s DAX 30 lost 2.95 per cent to 10,124.52.
Markets in several other eurozone countries also lost nearly or over three per cent including Amsterdam, Brussels, Milan and Madrid.
The euro jumped to $US1.1354 – after earlier hitting $US1.1363, its highest level in two months – from $US1.1141 late on Thursday in New York.
HONG KONG – Asian shares plunged deeper into the red after weak manufacturing data from China fuelled panic over the clouding outlook for the world economy.
Shanghai closed down 4.27 per cent, or 156.55 points, at 3,507.74, ending the worst week since 2011.
China’s benchmark index closed at almost exactly the same level as the bottom of July 8’s market rout, before Beijing stepped in with a vast equities rescue package.
Hong Kong fell 1.53 per cent, or 347.85 points, to 22,409.62 – its lowest point since May 2014 – taking it into a bear market after a more than 20 per cent slump from its April peak.
Tokyo shares fell 2.98 per cent, or 597.69 points, to 19,435.83, a more than three-month low and down 5.28 per cent on the week.
Seoul fell 2.01 per cent, or 38.48 points, to 1,876.07 as tensions climbed with North Korea, and Sydney dropped 1.40 per cent, or 73.98 points, to close at 5,214.60.
WELLINGTON – The S&P/NZX 50 Index rose 8.73 points, or 0.2 per cent, to 5751.19.
