Latest Global Business News

Asian stocks retreat on major sell-off on Wall Street

 
Asian stocks retreated today.
 
Some of them were already dealt a heavy blow earlier this week following big declines in the U.S. and other major countries on Christmas eve... mainly due to fears of a global economic slowdown in 2019.
 
Here's Kim Ji-yeon with a breakdown of the digits.
 
South Korea's benchmark KOSPI dipped to an almost 2-month low... falling by more than one-percent to close at 2-thousand-28 on Wednesday... only about 30 points above the psychologically-important two-thousand line.
Meanwhile, the tech-heavy KOSDAQ dropped by more than a sixth of a percent to close at around 6-hundred-66.
 
The Ministry of Economy and Finance held an emergency meeting with officials of the Bank of Korea and other relevant agencies to monitor markets and discuss possible countermeasures... after major markets around the globe witnessed one of their worst Christmas season's on record.
 
Japan's Nikkei which dipped below the 20-thousand mark for the first time in 15 months the previous day... ended with a gain of less than one-percent on Wednesday.
 
MSCI's broadest index of Asia-Pacific shares outside Japan slipped by two-percent... while the Shanghai Composite Index lost zero-point-three-percent.
 
The Dow Jones,... S&P 500... and the Nasdaq all shed more than two-percent on Monday eroding investor confidence following the U.S. partial government shutdown and President Donald Trump's attacks on the Federal Reserve.
 
President Trump on Tuesday furthered his criticism of the Fed, saying the central bank was hiking interest rates too quickly.
 
asian stocks retreat
 
Investors were also grappling with news U.S. Treasury Secretary Steven Mnuchin had called up top U.S. bankers, making plans to convene a "Plunge Protection Team".
 
This ignited investor fears of a global economic slowdown.
 
Already, the International Monetary Fund has downgraded its 2019 growth forecast for the global economy to 3-point-7-percent in October... from the previous 3-point-9-percent in July.
 

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