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Friday, April 17, 2015

Wall St falls steeply with China, Greece fears paramount

US stocks fell today afternoon, putting the S&P 500 on track for its biggest daily percentage loss since March 25, as concerns over regulations in China, Greece's debt negotiations and disappointing earnings weighed on sentiment.

Market participants were concerned Greece could leave the euro zone as it tries to reform its economy and deal with heavy debt. Greece dismissed reports it needed to tap remaining cash reserves to meet salary payments.

Chinese authorities lifted restrictions on short-selling while also warning against excessive borrowing on margin, two developments that could pressure that market.

China H-Share index futures fell 3.4 percent. Global equities lost ground as the weakness in China carried through to European markets and then into the United States.

The Dow Jones industrial average fell 279.47 points, or 1.54 percent, to 17,826.3, the S&P 500 lost 23.81 points, or 1.13 percent, to 2,081.18 and the Nasdaq Composite dropped 75.98 points, or 1.52 percent, to 4,931.81.

Across the Atlantic, the FTSEurofirst 300 index of top European shares closed down 1.8 percent to 1,607.03. Germany's DAX fell 2.6 percent.

Meanwhile, Japan's Nikkei share average dropped to its lowest in more than a week after weaker-than-expected US housing data soured the mood, and investors awaited Japanese corporate results coming out from next week.

The Nikkei ended 1.2 percent lower to 19,652.88, the lowest closing level since April 7. For the week, the index fell 1.3 percent.

The broader Topix dropped 0.7 percent to 1,588.69, with 2.68 billion shares changing hands, the highest since March 13. The JPX-Nikkei Index 400 also declined 0.7 percent to 14,404.14.

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Tags:  US  stock market  Europe  Nikkei  





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