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World Markets Today 11/10/2018

posted onOctober 11, 2018

Asian stocks plunged on Thursday after the bloodbath on Wall Street overnight. Renewed trade tensions between Washington and Beijing continued to weigh on investor sentiment, as well as rising bond yields and worries over world economic growth. The later intensified after the IMF cut growth forecasts on tariff war and emerging market strains.

Chinese stocks sank to lowest levels since 2014 while Japanese shares hit a one-month low. South Korea's Kospi marked the lowest level since April of last year and the largest single-day loss since September of 2011. Australian stocks slid to a five-month low with the week’s losses nearing $100bn.

Europe stocks slumped to their lowest level in 20 months, as the large sell-off on Wall Street yesterday sparked weakness in the Asian and European markets. Heightened fears over an expected slowdown in global economic growth and  the possibility of aggressive rate hikes by the Federal Reserve unnerved traders across all continents.

Across the Atlantic, U.S. markets continued the selloff from yesterday as traders remained concerned about the outlook for the interest rates as rising borrowing costs could slow down the economy.  

The Cboe Volatility index,widely considered as the best gauge of fear in the market, hit the highest level since February. The Dow Jones fell to its lowest closing level in three months, the S&P hit two-month closing lows, while the tech-rich Nasdaq closed at  five months low. However, social media stocks closed in positive territory.

October has been a brutal month for investors so far.

World Markets Headlines Today

Hong Kong stocks sink as Wall Street tumble spills over (Nikkei Asian Review)
India: Sensex falls 760 points, wiping out 2018 gains (Mint)
Australia: Stocks smashed in $50bn wipeout (Australian Business Review)

European stock markets slide around 1.5% at open (Fin24)
Europe stocks slump to their lowest level in 20 months as Wall Street sell-off grips global markets (CNBC)
European Shares Hit 20-month Lows As Global Selloff Deepens (RTT News)

US Stocks Braced for More Selling as Global Markets Tumble in Wall Street's Wake (The Street)
Dow tumbles 500 points as stock-market rout gathers steam on Thursday (Marketwatch)
Stocks Plunge to Session Lows on Way to Sixth Loss (Bloomberg)

Gold nudges down as strong US data boosts rate rise view, Oil extends losses as other markets fall, inventories rise (Reuters)

All Continents Stock Indices Closing Prices

Japan's Nikkei tumbled 3.89% and Hong Kong's Hang Seng plunged 3.54%
China's Shanghai Composite sank 5.22% while Shenzhen's Composite plummeted 6.34%. Mumbai's Sensex dipped 2.19% while Nifty 50 was slumped 2.16%. Australia's ASX200 slipped 2.74%. Singapore's STI declined 2.69%. Jakarta's Composite slid 2.02%. Thailand's SET dropped 2.26%. Kuala Lumpur's KLCI plunged 2.20%.Taiwan's Weighted Index sank 6.31%. 

The Paneuropean STOXX600 was lower by 1.98%. France's CAC slipped 1.92%. London's FTSE slid 1.94% and  Amsterdam's AEX dropped 1.92%. Belgium's BEL 20 declined 2.03%. Lisbon's PSI20 moved downward 0.82% while Spain's IBEX 35 was off 1.69%. Italy's FTSE MIB decreased 1.84%.

In Russia, Moscow's IMOEX lost 2.12%. In Scandinavia, Stockholm's OMXS30 declined  2.80% while Copenhagen's OMXC25 was down 0.53%. Helsinki's OMXHPI fell 2.22%.

In Central Eastern Europe, Budapest's BUX plunged 2.49% while Warsaw's WIG was down 1.56%. Prague's PX moved downward 1.23%. Bratislava's SAX was off 0.14%. Tallinn's OMXT was lower by 1.71% and Riga's OMXR sank 4.83%. In Vilnius, the OMXV dropped 1.63%.

In Southeastern Europe, Bucharest's BET was down 1.01%. Sofia's Sofix lost 1.35%. Belgrade's Belex15 was off 0.08%. Podgorica's MNSE10 was lower by 0.24%. Sarajevo's SASX10 fell 0.11% while Banja Luka's BIRS was unchanged. Ljubljana's SBI Top was down 1.39%. Zagreb's CROBEX moved downward 0.88%. Istanbul's BIST 100 finished the day 1.69% in the hole. In Athens the General Index added 0.16% while in Nicosia dropped 1.07%.

Botswana's DCI ticked up 0.03%. Dar Es Salaam's ASI fell 0.43% and Egypt's EGX30 plunged 2.48%. Johannesburg's ASI fell 1.11% and Lusaka's ASI was down 0.39%. Casablanca's MASI was off 0.21%. Nigeria's ASI was higher by 0.11%. In Mauritius, the ASI decreased 0.80%. Uganda's ASI rose 0.17% and Zimbabwe's Industrial Index surged 17.86%.

In the U.S., the Dow Jones plunged 2.13% and the S&P 500 tumbled 2.06%. The Nasdaq declined 1.25%. Canada's S&P/TSX Composite fell 1.29%. Brazil's Bovespa plummeted 3.68% while Mexico's IPC was off 1.20%. Chile's IPSA was down 1.22%. 

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