European shares open lower after US-led slide


The Dow Jones industrials were up 50 points just shortly after falling by 500. Information technology and financials are giving the S&P 500 and NASDAQ an early boost.

Even with the recovery, the Dow is headed for its worst week since the 2008 financial crisis. As Wall Street continues to worry about future inflation and rising interest rates, the Dow Jones Industrial Average fell over 1,000 points for the second time this week.

In early morning trading in Hong Kong, the Hang Seng was down 3.6% while Tokyo's Topix had fallen 2.5%.

The S&P/TSX composite index was down 105.59 points, or 0.7 per cent, at 14,960.02 after losing 1.7 per cent on Thursday. The broader S&P 500 also regained ground, climbing to 2,590.40 on a gain of 9.4 points, or 0.36 per cent. The Nasdaq composite slid 76 points, or 1.1 percent, to 6,700.

Since then, US Treasury bond yields have risen as market pundits warn of rising inflation. A correction is normally defined as a pullback of at least 10% from a peak.

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In currencies, the dollar clung to its earlier gains against a basket of currencies as Wall Street's major indexes edged up.

Corrections are seen as entirely normal occurrences, and the market, now in its second-longest bull run of all time, has not seen one in two years, an unusually long time.

White House spokesman Raj Shah expressed concern about the drop in stocks, but continued to point to robust employment data and corporate earnings as signs that "long term fundamentals demonstrate a healthy economy".

Oil sank as record-high USA crude output added to concerns about a sharp rise in global supplies.

The pan-European FTSEurofirst 300 index lost 1.66 percent and MSCI's gauge of stocks across the globe shed almost 1 percent. The benchmark 10-year yield fell 2 basis points to 2.86% Friday afternoon. Ten-year Treasury yields fluctuated near their four-year highs, while the yen found traction as a haven from the stock turmoil.

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The Australian share market looks set to open around 1.5 per cent lower after Wall Street's key index again take a painful tumble.

On Thursday, the USA stock markets fell sharply, with the Dow Jones industrial average dropping 4% or 1,033 points, to 23,860.

The CBoe Volatility index, which tracks market volatility, closed at its highest since August 2015 and was displaying its biggest single-day jump of all time (84 per cent).

When this is compared to October 19 1987 - Black Monday - the Dow sank by more than 22 per cent but only 508 points, which amounted to a crash, albeit a brief one. It was up as much as 349 shortly after the opening bell.

The S&P 500 lost $2.49 trillion in market value since January 26 through Thursday, according to S&P Dow Jones Indices. Skechers USA climbed $1.67, or 4.4 percent, to $39.85.

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