Stock Market Today: Stock Rout Rolls Into Asia After Wall Street Crash: Markets Wrap - Bloomberg:
Stocks were primed for heavy losses across Asia after the worst Wall Street session since 1987, with investors spooked that emergency fiscal and monetary packages won’t be enough to stave off a recession.
Australian shares plummeted 7% at the open, bringing the slide from its peak last month to about 30%. Futures on the S&P 500 dipped after the index lost 9.5% on Thursday, and Japan’s Nikkei 225 contracts were down 7%. The global equities rout took Brazil’s benchmark down 15% on Thursday and Canada’s main gauge posted its worst day since 1940. Oil and precious metals fell, with palladium entering a bear market. The dollar surged.
“Markets remain in a free fall as uncertainty persists with no reliable anchor which can create near-term stability,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors in New York.
Stocks were primed for heavy losses across Asia after the worst Wall Street session since 1987, with investors spooked that emergency fiscal and monetary packages won’t be enough to stave off a recession.
Australian shares plummeted 7% at the open, bringing the slide from its peak last month to about 30%. Futures on the S&P 500 dipped after the index lost 9.5% on Thursday, and Japan’s Nikkei 225 contracts were down 7%. The global equities rout took Brazil’s benchmark down 15% on Thursday and Canada’s main gauge posted its worst day since 1940. Oil and precious metals fell, with palladium entering a bear market. The dollar surged.
“Markets remain in a free fall as uncertainty persists with no reliable anchor which can create near-term stability,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors in New York.
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