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TEHRAN, December 26 -Global stock markets headed into the year-end under a heavy cloud after another rout this week as U.S. political uncertainty added to heightened concerns over slowing global economic growth.
TEHRAN, Young Journalists Club (YJC) -Global stock markets headed into the year-end under a heavy cloud after another rout this week as U.S. political uncertainty added to heightened concerns over slowing global economic growth.
Asian equities were shaky on Wednesday following a Christmas eve Wall Street plunge, as investors were unnerved by U.S. political developments including a U.S. federal government shutdown and President Donald Trump’s hostile stance toward the Federal Reserve chairman.
U.S. Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks.
S&P 500 emini futures moved in and out of the red and were last down 0.1 percent, pointing toward a subdued start for Wall Street when the U.S. market reopens after Christmas Day, when many of the world’s financial markets were shut.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent.
The Shanghai Composite Index inched down 0.1 percent while South Korea’s KOSPI shed more than 1 percent.
Japan’s Nikkei bounced 0.75 percent after diving 5 percent the previous day to a 20-month low and slipping into bear market territory.
“In addition to concerns toward the U.S. economy, the markets are now having to grapple with growing turmoil in the White House which has raised political risk ahead of the year-end,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.
U.S. stocks have dropped sharply in recent weeks on concerns over weaker economic growth. Trump has largely laid the blame for economic headwinds on the Fed, openly criticizing its chairman, Jerome Powell, whom he appointed.
That has further rattled investors as they grappled with fears of slowing global growth, corporate earnings and U.S.-China trade tensions.
Source: Reuters
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