Arab Today, arab today world markets tumble on growth fears as gold hits record euro rises
Last Updated : GMT 22:15:54
Arab Today, arab today
Arab Today, arab today

World markets tumble on growth fears as gold hits record; euro rises

Arab Today, arab today

Arab Today, arab today World markets tumble on growth fears as gold hits record; euro rises

London - Arabstoday

World stock markets extended losses yesterday as relief over a US debt deal gave way to renewed fears about weakening economic growth and the eurozone debt crisis, sending ‘safe-haven’ gold to record highs. The threat of a double dip recession in the US loomed after data showed the US service sector grew at a snail’s pace in July. This added to analyst concerns that the eurozone debt crisis remains a real threat to Italy and Spain and that sluggish growth in the eurozone could take hold. At closing, London’s benchmark FTSE 100 index of top shares slid 2.34% to 5,584.51 points. In Frankfurt, the Dax fell 2.30% to 6,640.59 points and in Paris the CAC 40 dropped 1.93% to 3,454.94 points. In foreign exchange trade, the euro was higher at $1.4299 while gold hit a record $1,672.95 an ounce before closing for the day at $1,669.25. “The fear is that US austerity measures will provide another headwind to already sluggish economic growth ... Meanwhile, despite numerous attempts the European authorities have still not done enough to satisfy a sceptical bond market and the (eurozone) debt crisis looks far from over.” The European markets were only down slightly in midday trading, but the poor data from the US service sector quickly sent share prices sharply lower. Service sector data from the Institute for Supply Management index showed non-manufacturing activity in the US had dropped to 52.7 last month, just barely above the 50 no-growth level. While the entertainment and finance sectors reported growth, the health care, utilities and construction sectors contracted, ISM said. In Europe meanwhile, bond markets steadied as the prime ministers of Europe’s third and fourth biggest economies responded to renewed pressure over their strained public finances. Italy’s Silvio Berlusconi and Jose Luis Rodriguez Zapatero of Spain each tried to send strong signals that they were addressing the deepening crisis with utmost seriousness. Ratings agency Standard’s and Poors meanwhile said they were worried about the consequences of the debt crisis on the eurozone growth, citing discouraging data from recent days. Recent data showed “a worrisome picture for growth” and reinforced the “view that the eurozone may be experiencing a more prolonged period of weak economic growth than initially anticipated,” S&P said. In New York, in midday trading, the Dow Jones Industrial Average fell 0.11% to 11,853.37, the broader S&P 500 slid 0.04% to 1,254.57, while the tech-heavy Nasdaq Composite dropped 0.16% to 2,673.54. Investors there were unmoved by news that both Moody’s Investors Service and Fitch affirmed the US’s top-notch credit rating after the 11th-hour deal to avert a default, looking more to warnings about a possible rating downgrade if Washington does not deliver more.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today world markets tumble on growth fears as gold hits record euro rises Arab Today, arab today world markets tumble on growth fears as gold hits record euro rises

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday