New York (AFP) - Crude oil prices sank Monday after a plunge in Chinese equities raised fresh fears about China's faltering economy, the largest consumer of energy, and its impact on the global economy.
NEW YORK: World stock markets plunged on Monday, as a near 9 per cent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exit. The Dow Jones Industrial Average dropped more than 1,000 points as Wall Street opened, and the benchmark Standard & Poor's 500 index slid more than 2.5 per cent, a drop that puts it nearly 10 per cent below its record high.
LONDON: Alarm bells rang across world markets on Monday as a near 9 per cent dive in China shares and a sharp drop in the dollar and major commodities panicked investors. European stocks were almost 3 per cent in the red and Wall Street was braced for similar losses after Asian shares slumped to 3-year lows as a three month-long rout in Chinese equities threatened to get out of hand. Oil slumped another 4 per cent, while safe-haven government US an German bonds and the yen and the euro rallied as widespread fears of a China-led global economic slowdown and currency war kicked in.
By Peter Eavis There are some problems that not even $10 trillion can solve. That gargantuan sum of money is what central banks around the world have spent in recent years as they have tried to stimulate their economies and fight financial crises. The tidal wave of cheap money has played a huge role in generating growth in many countries, cutting unemployment and preventing panic. But it has not been able to do away with days like Monday, when fear again coursed through global financial markets.
NEW YORK: World stock markets plunged on Monday, after a near 9 per cent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exits. After dropping more than 1,000 points, or almost 7 per cent, at Wall Street's open, the Dow Jones industrial average eased losses but was still off more than 1 per cent at midday. The Standard & Poor's 500 index was down by a similar margin after the US benchmark earlier dropped nearly 10 per cent below its record.
London (AFP) - European stocks rallied Monday on optimism over quantitative easing in the eurozone, with Frankfurt topping 12,000 points for the first time, but the euro struck another 12-year dollar low.