Drop in US retail sales, Europe woes trigger panic sell-off across world
Investors turn tail and run in fear as global growth prospects evaporate
Paris/Mumbai: The bears’s growl now dominates the financial markets, scaring away the bulls, as investors turn tail and run in fear as global growth prospects evaporate.
The global sell-off in stock markets started in the United States deepened on Thursday amid broad concerns over the health of the world economy. European stocks were hit particularly hard on doubts over the financial stability of Greece. The German DAX stock index was down 1.5 per cent by midday in Europe. France’s CAC 40 shed 2.1 per cent and Britain’s FTSE 100 lost 1.6 percent.
Wall Street was expected to drop on the open, with Dow and S&P 500 futures down 0.8 per cent and 0.9 per cent, respectively. Asian markets closed lower earlier, with Tokyo’s Nikkei 225 diving 2.2 per cent. Though the Indian markets tried to maintain their positive momentum after opening the day on a flat note, a sharp fall in European equities by noon, triggered a major sell-off across sectors.
US stocks dropped sharply in early trade on Thursday, following international markets downward as anxiety over global growth continued to prompt selling. About 30 minutes into trade, the DJIA stood at 16,062.34, down 79.40 points (0.49 per cent).
( Source : agencies )
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