A roundup of trading on major world markets:
NEW YORK – The Dow has plummeted more than 300 points as US stocks took cues from a rout in European equities following another big drop in oil prices.
The Dow Jones Industrial Average tumbled 315.51 points (1.79 per cent) to 17,280.83 on Friday.
The broad-based S&P 500 sank 33.00 (1.62 per cent) to 2,002.33 in its worst week since May 2012.
The tech-rich Nasdaq Composite Index slumped 54.57 (1.16 per cent) to 4,653.60.
Losses in European markets were even deeper.
US equities were in the red all day, but the selling accelerated near the end of the session.
The S&P 500 racked up more than half its losses in the final 60 minutes of trade.
US oil prices fell to a fresh five-year low of $US57.81 a barrel after the International Energy Agency cut its oil-demand forecast for 2015.
LONDON – Oil prices tanked to fresh five-year lows following a gloomy forecast for global crude demand and more weak Chinese economic data, sending European equities in a tailspin.
London’s benchmark FTSE 100 index slumped 2.49 percent to end the day at 6,300.63 points, while in Paris the CAC 40 sank 2.77 percent to 4,108.93 points and Frankfurt’s DAX 30 dropped 2.72 percent to 9,594.73.
Milan plunged 3.13 percent and Madrid fell 2.75 percent.
The slide in oil prices this week below the psychological $60 per barrel level hit share prices hard, with the FTSE 100 falling 6.6 percent over the week, the CAC 40 tumbling 7.0 percent and the DAX 30 retreating 4.5 percent.
HONG KONG – Asian markets were mixed at the end of a painful week for global shares, as strong US retail sales lifted spirits and Wall Street, while China released another batch of data indicating weakness in the world’s number two economy.
Tokyo rose 0.66 per cent, or 114.18 points, to close at 17,371.58 as the yen eased after a recent pick-up, while Seoul added 0.27 per cent, or 5.12 points, to 1,921.71 and Sydney slipped 0.22 per cent, or 11.37 points, to 5,219.6.
Shanghai ended 0.42 per cent higher, adding 12.43 points to 2,938.17 on hopes for further Beijing stimulus after a disappointing set of industrial output figures. However, Hong Kong eased 0.27 per cent, or 63.34 points, to 23,249.20.
WELLINGTON – The NZX 50 Index rose 12.887 points, or 0.2 per cent, to 5514.954.
