Global stocks set for worst week since 2008 financial crisis
Global stocks were headed for their worst week since the 2008 financial crisis as Asia-Pacific markets sold off for a seventh day on coronavirus fears with shares in Tokyo following Wall Street into correction territory.
- The MSCI World index was down 9.4 per cent for the week on Friday, the worst performance since November 2008.
- Japan’s Topix stock index tumbled 3.7 per cent.
- Australia’s S&P/ASX 200 and South Korea’s Kospi both shed 3.3 per cent.
- China’s CSI 300 index of Shanghai- and Shenzhen-listed equities dropped 3.6 per cent, while Hong Kong’s Hang Seng fell 2.4 per cent.
- USD/JPY was down 0.55% to 108.98, while EUR/JPY fell 0.49% to 119.93.
- The US Dollar Index Futures was down 0.11% at 98.352.
- Oil prices fell further on Friday with Brent crude, the international benchmark, dropping 2.7 per cent to $50.75 a barrel.
- West Texas Intermediate, the US marker, dropped 3 per cent to $45.70, its lowest level in more than a year.