Asian and European Markets Remain Volatile |
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August 9, 2011
A frenzied sell-off caused Asian stocks to nosedive Tuesday, and though most major indexes recovered slightly toward the close of trading, the latest day of losses extended fears of a global economic downturn.
A frenzied sell-off caused Asian stocks to nosedive Tuesday, and though most major indexes recovered slightly toward the close of trading, the latest day of losses extended fears of a global economic downturn.
Japan’s Nikkei 225 index fell more than 4 percent within the opening hour and dropped 1.68 percent for the day, closing at 8,944.48 — its first finish below the 9,000 mark since mid-March. South Korea’s Kospi index sustained massive losses in the opening hours, at one point plunging more than 9 percent and bringing a brief halt to trading. But the index clawed back and finished with losses of 3.64 percent for the day.
European markets fluctuated in morning trading, falling sharply at first but then largely recovering. By midday, the major indexes were all within one or two percentage points of where they had opened Tuesday morning — with London’s FTSE and Germany’s DAX slightly in the red, but France’s CAC 40 and the Stoxx Europe 600 edging into positive territory.
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