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Feb, 07 2018

Black Tuesday wipes $4trillion off global stock markets

Europe's main markets were down around 2.5 per cent and Wall Street futures pointed to more losses too as "fear gauges" of market volatility leapt to their highest level since a surprise devaluation of China's currency in 2015.

Black Tuesday wipes $4trillion off global stock markets

Having seen nerves about higher interest rates and overcooked valuations wipe $4 trillion off what just eight days ago had been record highs, world stock markets nosedived for a fourth day.

Europe's main markets were down around 2.5 per cent and Wall Street futures pointed to more losses too as "fear gauges" of market volatility leapt to their highest level since a surprise devaluation of China's currency in 2015.

In its biggest slump since 2011, Taiwan's main index lost 5 per cent, Hong Kong's Hang Seng Index dropped 4.2 per cent and Japan's Nikkei dived 4.7 per cent, its worst fall since November 2016, to four-month lows. US stocks slipped in volatile trading following the biggest one-day declines for the S&P 500 and Dow in more than six years.

The investors with little option, but to seek refuge in gold and the dollar after the flashing warning signs. Benchmark government bonds also gained.

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