Share markets panic as recession fears grow
Panic gripped Wall Street on Wednesday as investors fled shares amid fears over a US-China trade war and the health of the global economy.
Weak data from Germany and China, and another attack on the US central bank by President Donald Trump, helped fuel a rush for haven assets like gold."What's happening in Hong Kong, what's happening with Brexit and the trade war, it's all a mess," the chief market strategist said."Every central bank around the world is trying to prop up economies and every politician around the world is trying to destroy economies.
Meanwhile, the CBOE volatility index - the so-called fear index - jumped 4.26 points to 21.78, and spot gold prices rebounded, rising more than 1%. All of the 11 major sectors in the S&P 500 were in the red, with energy and financial suffering the largest percentage loss. Banks also fell heavily, with Citigroup down more than 5%.Mr Trump again attempted to deflect the market turmoil onto the US Federal Reserve and its interest rate policy, calling Fed chief Jerome Powell"clueless".
Earlier on Wednesday, White House trade adviser Peter Navarro told Fox Business Network the central bank should cut rates by half a percentage point"as soon as possible", an action he claimed would lead to stock markets soaring.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Adele Pops Onto Instagram To Share Photos Of Her Great, Vacation-Filled SummerTruly aspirational content.
Read more »
EasyJet staff share top plane tips like watch out where you change nappiesEAST JET staff have shared their top plane tips for flyers as thousands of Brits prepare to travel during the busy holiday season. One former staff member shared his on-board secrets, including adv…
Read more »
Slimmer of the year shed 15st after struggling with Great Wall of China stepsBen Muscroft is Slimming World Man of the Year after a trip to China made him realise he couldn't go on tipping the scales at 27st 8lbs
Read more »
Stephen King just destroyed Trump's latest border wall claims with three wordsStephen King has destroyed Donald Trump’s fresh border wall claims with just three words. The prolific author responsible for The Stand, The Shining, Misery and countless other bestsellers has been
Read more »
Spot the difference! Women share glam selfies alongside unedited shotsWomen from across the globe have shared their more glamorous selfies with unfiltered shots - and it's hard to believe they're the same person. They feature in an online gallery collated by Bored Panda.
Read more »