Stock market selloff: Europe faces fresh losses after rout in Asia and US – business live – Graeme Wearden
Rolling coverage as stocks slide in Asia and Europe, after Wall Street’s worst day in eight months
Good morning from London.
World stock markets are sliding today as the anxiety that has been building in recent days explodes into a wave of selling.
A jittery, volatile week on global financial markets has burst into a frenzy of selling, triggered by heavy losses on Wall Street and comments by Donald Trump describing US interest rate hikes as “crazy”….
“It’s a bit of a bloodbath,” said Ed Campbell, senior portfolio manager at QMA, the asset management branch of Prudential Financial in New York. “It’s primarily the cumulative effect of interest rate moves over the past five days and news reports about trade impacting companies.”
European stock-index futures open sharply lower:
*Stoxx 50 -1.8%
*FTSE 100 -1.8%
“The Fed has gone crazy.
“No, I think the Fed is making a mistake. They’re so tight.”
For much of 2018, the US economy has been oblivious to a turn in the global economic cycle, and the US equity market has been unaffected as emerging market equities and currencies have come under pressure. This week has seen the S&P, and the Nasdaq, sit up and pay attention to what’s going on.
The President’s criticism of the Fed adds colour, but no real substance to the situation.
11th October 20187:35 am