Arab Today, arab today world markets tumble on growth fears as gold hits record euro rises
Last Updated : GMT 17:49:18
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.

arabstoday
arabstoday

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

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 Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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