Wall Street sells off as China growth fears reemerge

News Image

By MG News | December 14, 2018 at 10:35 PM GMT+05:00

0:00

New York, Dec 14: Wall Street opened sharply lower on Friday as investors took stock of slower growth in China, eroding gains for the major indices as they end another volatile week.

China reported weaker-than-expected industrial output and retail sales, reviving fears that a slowdown in emerging economies could mean the good times are over for global growth.

The Chinese numbers contrasted with rosier retail and industrial data from the United States, also published Friday. But market participants have worried of late how much longer recent tax cuts and fiscal stimulus will shield the American economy from slower growth abroad and a burgeoning trade war.

About ten minutes into the day's trading, the benchmark Dow Jones Industrial Average was down one percent at 24,346.92. The S&P 500 had fallen 0.9 percent to 2,625.98 and the tech-heavy Nasdaq had lost 1.3 percent at 6,975.45.

The plunge sent the S&P back into correction territory, erasing its gains for the week along with those of the Dow.

Patrick O'Hare of Briefing.com also noted that preliminary industrial survey data on Friday for France, Germany and the eurozone as a whole were also weaker than expected.

Concerns about growth have been nagging at markets all year, O'Hare wrote at Briefing.com.

"More recently, however, they have been covering the market like a wet blanket, and today, China poured more cold water on that blanket," he said.

Meanwhile, US retail sales slowed to 0.2 percent in November, but excluding gasoline and auto sales, underlying consumer spending was more robust, according to the Commerce Department.

Industrial output also shot up due to higher spending on home heating in a cold snap but showed other signs of weakness in the manufacturing sector.

Among individual stocks, discount retailer Costco was down 5.7 percent on disappointing first-quarter revenue.

(AFP/APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court


July 04, 2025 at 06:41 PM GMT+05:00

Govt domestic debt, liabilities nears Rs54tr in May



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg