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Germany's DAX mirrors market losses in Asia in early trading

Germany's DAX mirrors market losses in Asia in early trading Simina Mistreanu and Dirk Godder Be...



Germany's DAX mirrors market losses in Asia in early trading


Berlin (dpa) – Germany's stock markets were down in early trading on Thursday, mirroring losses in Asia and the US.
On the day after the biggest slide in several months, the benchmark DAX index in Frankfurt lost a further 0.83 per cent to 11,615.79 points in early trading, its lowest level since February 2017.
The DAX is now in "crash mode," said Martin Utschneider from Bankhaus Donner & Reuschel.
Bourses in the Nordic region also slipped into the red on Thursday.
In Sweden, the benchmark OMX Stockholm 30 Index was down about 2.1 per cent in late morning trading, with larger declines for several engineering and construction companies including truck maker Volvo.
The Finnish Helsinki OMX index of 25 main stocks was down 1.7 per cent, while the OMX Copenhagen index in Denmark of 25 main stocks was down almost 2 per cent.
In Norway, the main Oslo index was off 3 per cent, with state-controlled energy group Equinor (formerly Statoil), a heavyweight on the bourse, down 3.5 per cent.
Asian shares had tumbled on Thursday, following sharp losses in the US.
South Korea's benchmark Kospi index plummeted 4.44 per cent to close at 2,129.67, marking the lowest level in 18 months.
The main index of the technology-heavy Kosdaq market fell 5.37 per cent to 707.38.
The Shanghai Composite Index dropped 5.22 per cent by the end of the trading session, while China's CSI 300 Index declined 4.8 per cent.
Hong Kong's Hang Seng Index also lost 3.54 per cent to close at 25.266,37.
Japan's benchmark Nikkei 225 Stock Average lost 3.89 per cent, while the broader Topix Index fell 3.52 per cent.
In Australia, the S&P/ASX 200 Index dropped 2.47 per cent in Canberra.
Vietnam's stock market VN Index tumbled 4.84 per cent, or 48 points, to close at 946, erasing all gains earned since July 3.
General trading activity was heavy at 353.5 million shares valued at 7.8 trillion dong (340 million dollars), data from Ho Chi Minh City's Stock Exchange shows. 
Nguyen Viet Dung, a stock broker at Sai Gon-Hanoi Securities Company, blamed the sell-off on trade war fears between China and the US.
"The market may reduce another 3 per cen, but it can rebound sharply at around 920 points because the price of all stocks will become attractive," he said, adding many companies have seen good profits this year.
The US stock markets on Wednesday registered their biggest drop since February after the Federal Reserve raised interest rates.
US President Donald Trump said "the Fed has gone crazy," adding that the central bank's policy was too tight.
        DPA

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