Global share markets plunge amid economic worries and low crude oil price. Major share markets in US, Europe and Asia posted sharp declines amid continued worries about oil prices and over the strength of the global economy.
Japan’s markets traded sharply lower on Friday, following global markets, and as a stronger yen against the dollar hurt the country’s big exporters. Wall Street also fell, with the S&P 500 down 1.2% and the Dow Jones falling 1.6%. The FTSE 100 slumped 3%, in early trading, its lowest level in three and a half years, but has recovered to 5600, a 1.27% fall. Frankfurt Dax was down 2.9% and France’s CAC fell 4.1%.
BSE Sensex and Nifty
In India, the BSE Sensex and the NSE Nifty lost 807 points and 239 points respectively on Thursday. Markets attained fresh 52-week closing lows with Sensex and Nifty breaching 23,000 and 7,000 levels respectively mirroring slump in the global equities. Australian stocks were hurt by worries over oil prices, with some energy-related stocks, together with the country’s big lenders, weighing down the index.
Investors turn to gold as a safe store of value in times of market stress. On Thursday, the precious metal’s price rose to its highest in a year.All eyes are turning to Federal Reserve Chair Janet Yellen as she prepares to give her second day of testimony to Congress, this time to the Senate Banking Committee.