NEW YORK: US stocks suffered their worst fall in more than six years on Monday, erasing gains for the year and punishing investors who had bet on an extended period of market calm. The broad-based equities retreat started last week as interest rates headed higher amid concerns of returning inflation. That sell-off turned into a rout on Monday afternoon as stocks tumbled and investors returned to bonds as a safe haven. The slide continued into Asian trading on Tuesday. The pace of the afternoon equity sell-off in New York raised suspicions that investors had been forced to unwind positions in haste. At one point, the Dow Jones Industrial Average shed more than 800 points in 10 minutes, taking the measure down as much as 1,600 points. Trading volume was the second highest this decade. “The speed of this is like a flash crash at the end of the trading day,” said Jim Paulsen, strategist at Leuthold Investment Management. “Either there are quantitative trades that are automatic or someone got caught awfully wrong.” By the day’s end, the S&P 500 index was off 4.1 per cent at 2,648.94 — its worst percentage fall since August 2011, when the US lost its triple-A credit rating. All but two of the stocks in the index closed in the red. The Dow finished 1,175 points lower, down 4.6 per cent, and the Nasdaq fell 3.8 per cent to 6,967. Asia benchmark indices were down sharply on Tuesday afternoon. Japan’s benchmark Topix fell 6.3 per cent — the biggest drop in 19 months — with losses across the board, while South Korea’s Kospi Composite shed 2.6 per cent. Australia’s S&P/ASX 200 was down 3.7 per cent with banks off 3.5 per cent. S&P 500 futures were down 2.8 per cent. Sovereign bonds in the region found favour as appetite for equities evaporated, while the yield on 10-year US Treasuries was down almost 2 basis points at 2.65 per cent in Asian trading. The yield on 10-year Australian government bonds sank 16 bps to 2.772 per cent while that on the equivalent Japanese sovereign bonds was down 1bp at 0.059 per cent.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
