Friday, October 10, 2014

World stocks fall after Wall Street plunge

World stocks fall, Wall Street plunge, wall street falls, finance, investment

World stocks falls this Friday following the cue from Wall Street after it suffered its worst day of the year. The anemic German trade data didn't help and it added worry that Europe is heading into recession.

Asia: Asian markets fell sharply Friday and oil prices plunged. Tokyo's Nikkei 225 index tanked  1.3 percent to 15,286.25 points and Hong Kong’s Hang Seng index dropped 1.9% to 23,144.81. China’s Shanghai Composite fell by 0.6% to 2,375.28. Seoul fold by 1.3 percent and Sydney and Singapore also declined.

Europe: Markets across Europe traded lower. Analysts are worried that Europe is heading to recession after Germany, Europe's biggest economy, reported their weakest year-on-year export growth in 5 years. The president of the European Central Bank, Mario Draghi, gave no indication of any further monetary stimulus, suggesting in a speech in Washington that governments need to do more on the fiscal side.

DAX of Germany fell 1 percent to 8,921.50. Britain's FTSE-100 was down by 0.8 percent to 6,431.85 and France's CAC-40 slide by 0.7 percent to 4,111.50.

Wall Street is looking weak and is heading for more declines, with the future for the Dow Jones industrial average down 0.1 percent in pre-market electronic trading and the Standard & Poor's 500 flat. On Thursday, the Dow were down 335 points, or 2%, to 16,659, the blue chip index’s biggest drop since a 354 point slide on June 6, 2013. The Standard & Poors 500 slumped 2% to 1,928. The Nasdaq composite slid 2% to 4,378.

ENERGY: Benchmark U.S. crude plunged $1.34 to $84.43 per barrel on concerns slowing global economic growth will reduce demand while production stays high. The contract lost $1.56 on Thursday to $85.77. Brent crude, used to price international oils, lost $1.17 to $89.19.

CURRENCY: The dollar rose to 107.95 yen from Thursday's 107.87 yen. The euro fell 1 U.S. cent to $1.26.

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