Euro, Asian Markets Continue Selloff


NEW YORK, Aug. 9 (UPI) — European and Asian stocks plunged Tuesday ahead of Wall Street’s opening bell in a rampant global selloff on Europe’s debt crisis and the U.S. credit downgrade.

British, German and French stock indexes fell more than 2 percent in early-morning trading following daylong gyrations in Asian markets.

In late-afternoon trading Tokyo’s Nikkei 225 index was down nearly 3 percent, Hong Kong’s Hang Seng index was down more than 4 percent and Australia’s Standard & Poor’s/ASX 200 index down more than 3 percent.

Taiwan’s TAIEX traded nearly unchanged, recovering from a 5 percent loss earlier in the day.

Futures on the U.S. S&P 500 index were about 2 percent lower early Tuesday EDT.

The U.S. dollar fell against the Japanese yen and the euro.

The price of gold — considered a safe haven at times of uncertainty — jumped to another record high of about $1,758 a troy ounce.

Oil dropped about $3 to about $78 a barrel.

The Dow Jones industrial average fell 634 points, or 5.6 percent, Monday and the S&P 500-stock index dropped 6.7 percent, the biggest retreats since December 2008 in the midst of the financial crisis.

About $7.8 trillion has been wiped away in global stock markets in the past 10 trading days.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.