Global stocks plummet on fears over world economy

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NEW YORK (AFP) – World stock markets were hammered with heavy losses on Friday, as China s economic woes triggered European and Wall Street equity sell-offs and stirred up fears for global growth.

Losses of more than 3.0 percent on Wall Street capped the day of market carnage, which began with a 4.27 percent drop in Shanghai after another unnerving sign of slowdown in China s manufacturing sector.

It capped the Shanghai exchange s worst week since 2011, losing 11.5 percent.

Among leading indices, Tokyo shares lost 2.98 percent; Hong Kong 1.53 percent; London s benchmark FTSE 100 2.83 percent; the CAC 40 in Paris 3.19 percent; and Frankfurt s DAX 30 2.95 percent.

The three key US indices were, after two days of heavy selling, all below where they started 2015, after repeatedly punching through record highs during the past eight months.

The blue-chip Dow Jones Industrial Average gave up 3.12 percent for the day and was down 5.82 percent for the week.

The S&P 500 shed 3.19 percent in the session and 5.77 percent for the week– a loss representing some $1.14 trillion in share value. The tech-heavy Nasdaq fared worse, losing 3.52 percent and 6.78 percent in the week.

Among other key markets, Singapore and Sydney dropped 1.3 percent; Johannesburg 1.47 percent, and Brazil s Ibovespa 1.99 percent.

2015-08-23

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