BREAKING NEWS Manslaughter charge after suspect starts pursuit in Florence, drives into Cypress Creek Full Story

Asia stocks sink after Wall Street's Christmas Eve plunge

Wall Street's Christmas rout spilled into Asia.Japan's ...

Posted: Dec 26, 2018 8:56 AM
Updated: Dec 26, 2018 8:56 AM

Wall Street's Christmas rout spilled into Asia.

Japan's Nikkei plummeted 5% on Tuesday, dragging the index into a bear market. In China, the Shanghai Composite dropped as much as 2.5% before recovering some of its losses to close down 0.9%.

Banking, finance and investments

Business, economy and trade

Donald Trump

Economic indicators

Economy and economic indicators

Financial markets and investing

Political Figures - US

Securities trading

Stock indexes

Stock markets

Asia

Continents and regions

China

East Asia

North America

The Americas

United States

Wall Street

Christmas

Holidays and observances

The declines in Asia followed another brutal day for US stock markets, which fell more than 2% in a shortened trading session. The Dow, which sank 2.9%, and the S&P 500, which lost 2.7%, suffered their biggest Christmas Eve declines ever.

"The market is getting pummeled from every direction," said Stephen Innes, head of Asia-Pacific trading for online broker Oanda.

Investors are getting increasingly concerned about a slowdown in global economic growth, according to market experts. Those worries have been intensified by US President Donald Trump's attacks on Federal Reserve Chairman Jerome Powell for continuing to raise interest rates.

US stocks went into a tailspin Monday after Trump tweeted that "the only problem our economy has is the Fed," stoking fears he may fire Powell.

The turmoil on Wall Street is infecting other big markets because of concerns that problems in the US economy — the world's biggest — could hit major trading partners such as Japan and weigh on companies' profits, said Hirokazu Kabeya, chief global strategist at Daiwa Securities in Tokyo.

Investors around the world already have plenty to worry about, including China's economic slowdown, the unresolved US-China trade war and Brexit's unpredictable outcome.

Despite strong growth this year, the US economy has become a wild card in recent weeks as investors have fretted about the combination of slowing growth and rising interest rates. US stocks are on pace for their worst December since the Great Depression.

US Treasury Secretary Steven Mnuchin added to the uncertainty on Sunday by releasing an unusual statement saying he had called the CEOs of the biggest American banks. He said the executives assured him their banks are healthy and have "ample liquidity" to lend to consumers and businesses. "Markets continue to function properly," Mnuchin said.

The use of words typically reserved for times of crisis — even though there were no outward signs of one — spooked investors.

"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing," Cowen & Co. analyst Jaret Seiberg wrote in a note to clients.

The partial US government shutdown has added to the sense of disarray.

Multiple major stock markets in the Asia-Pacific region were closed Tuesday for Christmas, including Hong Kong, Australia and South Korea. Most European markets are also shut, while US markets are due to reopen on Wednesday.

Kabeya said he's skeptical investors' downbeat mood will improve before the end of the year.

Huntsville
Scattered Clouds
90° wxIcon
Hi: 91° Lo: 69°
Feels Like: 94°
Florence
Clear
93° wxIcon
Hi: 91° Lo: 70°
Feels Like: 97°
Fayetteville
Clear
88° wxIcon
Hi: 91° Lo: 67°
Feels Like: 93°
Decatur
Clear
91° wxIcon
Hi: 91° Lo: 69°
Feels Like: 95°
Scottsboro
Clear
90° wxIcon
Hi: 91° Lo: 69°
Feels Like: 93°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 19387

Reported Deaths: 676
CountyConfirmedDeaths
Mobile2341123
Jefferson1927105
Montgomery190544
Tuscaloosa85316
Marshall7149
Franklin5939
Lee56334
Shelby53619
Tallapoosa43566
Butler43121
Walker3973
Elmore38110
Chambers36326
Madison3594
Unassigned3144
Morgan3141
Baldwin2969
Dallas2963
Lowndes26912
Etowah26512
DeKalb2603
Autauga2485
Coffee2401
Sumter2369
Houston2275
Pike2231
Bullock2197
Colbert1972
Hale19210
Russell1870
Barbour1831
Marengo1796
Lauderdale1752
Calhoun1693
Cullman1631
Wilcox1587
Choctaw15310
Clarke1492
St. Clair1372
Randolph1288
Dale1250
Marion12511
Talladega1215
Pickens1215
Limestone1100
Chilton1081
Greene955
Macon944
Winston920
Jackson863
Henry842
Covington831
Crenshaw803
Escambia793
Bibb761
Washington746
Blount641
Lawrence510
Monroe492
Geneva450
Perry430
Conecuh421
Coosa401
Cherokee383
Clay282
Lamar280
Fayette160
Cleburne151

Tennessee Coronavirus Cases

Confirmed Cases: 25664

Reported Deaths: 408
CountyConfirmedDeaths
Shelby5669127
Davidson563869
Rutherford139829
Trousdale13944
Hamilton99219
Sumner95146
Lake8350
Bledsoe6131
Williamson59511
Robertson5425
Putnam5256
Tipton4673
Wilson4598
Knox4455
Out of TN4264
Bedford3024
Montgomery2873
Rhea2170
Hardeman2040
Bradley1742
Madison1732
Macon1713
Loudon1650
Unassigned1610
McMinn14614
Fayette1442
Cheatham1400
Dickson1210
Cumberland1202
Maury1081
Sevier1002
Blount933
Coffee810
Washington760
Monroe743
Wayne640
Gibson631
Sullivan602
Lauderdale601
Dyer590
Hickman590
Franklin541
Greene522
Unicoi490
Obion481
Hamblen442
Marion441
Anderson422
DeKalb390
Smith361
Lawrence350
Marshall341
White340
Hawkins342
Haywood342
Overton330
Grundy321
Cannon320
Henry320
Lincoln300
Jefferson290
Carroll281
Meigs270
Warren270
Weakley260
Perry240
Hardin222
Cocke210
Sequatchie200
Polk190
Carter191
Jackson190
Johnson190
Campbell181
Morgan180
Roane170
Humphreys161
Crockett163
Grainger150
Henderson150
McNairy150
Giles140
Stewart140
Scott130
Chester120
Fentress120
Claiborne120
Houston80
Clay80
Benton71
Decatur50
Moore50
Van Buren40
Union40
Lewis30
Pickett30
Hancock10

 

 

Community Events