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Tuesday 6 February 2018

The day the world lost $4TRILLION: Bloodbath on global markets

Up to $4 trillion has been wiped off global shares as Asian and European markets plunged dramatically this morning in the wake of Wall Street's record-breaking losses.
Tokyo led the markets bloodbath throughout the region, with the Nikkei 225 briefly diving almost seven percent before closing down 4.7 percent.
Hong Kong lost more than five percent in its worst day since summer 2015, while Sydney, and Singapore each sank three percent.
This morning, London's FTSE 100 fell to its lowest level since late 2016, dropping as low as 7079.4 at one stage soon after opening. By midday, it had recovered to 7,154.26 points.
In initial trade today, European stock markets collapsed by about 3.5 percent, mirroring the dramatic falls across Asia while the Dow Jones tumbled 500 points before recovering and even climbing more than 100 points.
World stock markets have now nosedived for a fourth day running, having seen $4 trillion wiped off from what just eight days ago had been recorded high values.
The selloff began last Friday amid fears inflation will surge this year - and that the Federal Reserve will be forced to raise borrowing costs more quickly than anticipated.
Other assets were also hammered, with a slump in oil prices scything energy firms, while higher-yielding currencies have been hit by a flight to safe havens.
Dealers in Asia tracked their colleagues in New York, where the Dow Jones suffered its worst points fall in history on Monday and wiped out all its 2018 gains, while the S&P 500 also took a beating to sit down for the year.
In early trading today the Dow Jones industrial average fell as much as 500 points, bringing the index down 10 percent the record high it reached on January 26.
However, the Dow quickly recovered much of that loss and was up 150 points.
The Standard & Poor's 500 index was down 8 points, or 0.3 percent, at 2,639. The Nasdaq composite was down 6 points, or 0.1 percent, to 6,956.
Meanwhile Bitcoin has continued its spiral downwards after some banks banned their customers from buying it with credit cards. The news is the latest to hit the cryptocurrency after recent crackdowns by authorities in India, South Korea, China and Russia.

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