World stocks fall on Russia-Ukraine concerns
AP and AFP
August 7, 2014, 12:00 am TWN
MUMBAI/HONG KONG--Worries over Russian troops amassing near the Ukraine border caused a sharp sell-off in global stock markets on Wednesday.
Germany's DAX dropped 1.4 percent to 9,064.55 and the FTSE 100 in London shed 1.1 percent to 6,611.92. France's CAC was down 1.1 percent to 4,187.23. U.S. markets looked set for another day of losses. Dow futures were down 0.2 percent to 16,340 and S&P 5000 futures slipped 0.1 percent to 1,911.70.
Japan's Nikkei 225 fell 1.1 percent to 15,159.79 and the Hang Seng in Hong Kong lost 0.3 percent to 24,584.13. The KOSPI in Seoul shed 0.3 percent to 2,060.73. China's Shanghai Composite gave up 0.1 percent to 2,217.46 and Shenzhen rose 0.39 percent, or 4.57 points, to end at 1,177.33. Sydney dropped 0.12 percent, or 6.6 points, to finish at 5,512.0. Markets in Southeast Asia and India also lost ground.
In the U.S., the Dow Jones Industrial Average dropped 139.81 points (0.84 percent) to 16,429.47.
The broad-based S&P 500 fell 18.78 (0.97 percent) to 1,920.21, while the Nasdaq Composite Index sank 31.05 (0.71 percent) to 4,352.84.
The drop follows heavy losses at the end of July, which saw the Dow shed its gains for the year in its worst week since January, and the S&P 500 record its biggest weekly decline since mid-2012.
Mace Blicksilver, director at Marblehead Asset Management, said of Tuesday's fall: “It's continuing the trend from last week.”
He added that some pundits have predicted a possible drop of 10 percent or more in stocks. U.S. stocks have avoided a correction on this scale for more than two years.