News / Asia

    Global Markets Plunge as China's Economy Falters, Oil Prices Fall Further

    Woman walk past an electronic stock board showing Japan's Nikkei 225, top right, and Hong Kong's Hang Seng, bottom left, at a securities firm in Tokyo, Jan. 20, 2016.
    Woman walk past an electronic stock board showing Japan's Nikkei 225, top right, and Hong Kong's Hang Seng, bottom left, at a securities firm in Tokyo, Jan. 20, 2016.
    VOA News

    Falling oil prices, China's economic slowdown, and a pessimistic outlook for the overall global economy this year sparked another selloff of stocks on global markets.

    It was a wild day for traders in U.S.  Wednesday, as major indexes fell more than three percent at one point, before recovering significantly by the close.

    Experts blame the volatility on plunging oil prices, China's economic slowdown, and a pessimistic outlook for the overall global economy this year.  The price of oil dropped below $27 a barrel, which hurt the stock prices of energy companies that are important parts of some stock indexes.

    At the end of trading the S&P 500 was off 1.2 percent, while the Dow fell about 1.6 percent.

    Earlier, stocks in Germany fell 2.8 percent while key indexes in France and Britain dropped nearly 3.5 percent.

    Tokyo's Nikkei index fell nearly 4 percent, Hong Kong's Hang Seng dropped 3.5 percent and South Korea's Kospi lost 2.3 percent.  China's Shanghai index fell 1.3 percent Wednesday.

    A third worry came when prices for U.S. oil fell below $28 a barrel, the lowest mark in 12 years, after the International Energy Agency issued a report warning that global oil markets could "drown in oversupply" as demand plunges.

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    by: venze from: singapore
    January 20, 2016 7:39 PM
    Capitalism sucks, it sucks the blood of average people, especially the poor. Each time markets drop drastically, most small timers lose lots of savings.

    by: meanbill from: USA
    January 20, 2016 9:23 AM
    A message for all those people that would criticize the Chinese communist economy with gloom and doom prophesies; Those criticizing people should remember that the Chinese communist economy (GDP growth) outperformed every other countries economy (GDP growth) by a really wide margin, and whatever corrections that are occurring now in the Chinese communist economy, are also occurring in every democratic countries worldwide? .. Corrections are an important part of stock markets worldwide, and all the stock markets worldwide seem to recover after the recoveries, don't they?

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