Global stocks witnessed a sell off as the European crisis deepened sending jitters across the markets. Hong Kong’s Hang Seng seemed weakest of the lot, down 537 points or 2.84% lower at 18917-points, below the psychological 19000-mark. In fact, except for Nikkei 225 of Japan, none of the Asian markets managed to stay afloat in green.

stock-market-crash

Straits Times of Singapore pared 31 points at 2757 and Taiwan Weighted index showed weakness of 1.3% on the bourses. Even European indices FTSE 100, CAC 40 and DAX showed losses ranging from 2% to 3%, on the back of lack of positive announcement in Europe and the realization that Greece has no way out without wrenching prickly pain.

America’s Dow Jones and S&P futures showed half percentage point cuts in the estimation for evening’s opening bell. The fear among the investors further worsened as European finance heads failed to come up with a consensus-driven plan, or rescue package for Greece, to solve the region’s debt woes.

Now, it remains a matter of debate whether Greece need to default on its obligations or exit from the euro zone to revive from the financial mess.

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