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Shares spiral on arrest of China executive, oil sinks

Global stock markets tumbled yesterday as the arrest of a top Chinese technology executive cast shadows on US-China trade relations, while oil prices sank on fears of smaller-than-expected output cuts.

The Dow Jones Industrial Average fell 679.46 points, or 2.71 per cent, to 24,347.61, the S&P 500 lost 67.8 points, or 2.51 per cent, to 2,632.26 and the Nasdaq Composite dropped 139.83 points, or 1.95 per cent, to 7,018.60. MSCI's gauge of stocks across the globe shed 2.53 per cent, while the pan-European STOXX 600 index lost 3.31 per cent. Emerging market stocks lost 2.76 percent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.28 per cent lower, while Japan's Nikkei lost 1.91 per cent.

The US dollar weakened against major peers as Treasury yields slipped and traders scaled back rate hike expectations. The euro was 0.39 per cent higher against the dollar at $1.1388.

Oil fell more than 4 per cent in choppy trading after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter.

US crude sank 4.65 per cent to $50.43 per barrel and Brent was last at $58.86, down 4.39 per cent on the day.

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