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International markets roundup

NEW YORK: Stock markets have been routed around the globe, with Wall Street leading the charge lower in percentage terms.

US stocks' losses accelerated in afternoon trading on Monday, pushing the S&P 500 down more than 5 per cent from its January 26 record high and the Dow below 25,000 for the first time since January 4.

The Dow and S&P 500 also fell below their 50-day moving averages, while the Cboe Volatility index was on pace for its largest one-day jump since August 2015.

In late trading, the S&P energy index, down 3.4 per cent, led declines as oil prices were pressured by rising US output and other factors.

The Dow Jones Industrial Average was down 594.71 points, or 2.33 per cent, at 24,926.25, the S&P 500 had lost 57.18 points, or 2.07 per cent, to 2,704.95 and the Nasdaq Composite had dropped 110.38 points, or 1.52 per cent, to 7,130.57.

LONDON: European stocks suffered a sharp sell-off as growing inflation expectations and rising bond yields took their toll on equity markets.

Europe's STOXX 600 fell 1.6 per cent to close at its lowest level since mid-November 2017. It was its sixth straight day of declines for the STOXX, while euro zone stocks fell 0.6 per cent.

Germany's DAX lost 0.76 per cent to close at 12,687.49.

Among major European equity markets, only Spain and Italy are still higher than at the turn of the year, with Britain the worst performer. German bond yields hit a two-year high as fears of inflation drove a sustained sell-off in bond markets.

Company earnings provided little solace to investors.

A survey showing Britain's economy slowed sharply in January added to the pressure on London's key index.

The FTSE lost 1.46 per cent to 7,334.98 and has fallen more than 4.5 per cent year to date, partly weighed down by a continued recovery in the pound from post-Brexit lows.

TOKYO: Key Asian markets, except China, were no different with Tokyo losing more than two per cent and Hong Kong more than one per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan shed as much as 2 per cent, its largest daily drop since late 2016.

Tokyo's Nikkei fell 2.55 per cent to close at 22,682.08.

Hong Kong stocks ended lower but recouped much of their earlier losses sparked by a slide on Wall Street, as investors hunted for bargains via the Stock Connect linking the mainland and Hong Kong.

The Hang Seng closed down 1.09 per cent at 32,245.22.

Chinese shares bucked the region's tumble as investors scooped up blue chips such as banks and mainland investors also piled into battered big-caps listed in Shanghai.

The Shanghai Composite index, which opened 1.5 per cent lower, ended the session up 0.73 per cent at 3,487.38, while the blue-chip CSI300 Index also reversed losses, closing up 0.07 per cent at 4,274.15.

WELLINGTON: The benchmark S/NZX 50 Index fell 2.1 per cent, to 8241.83

Austrlaian Associated PressBack to Breaking News

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