As on today, Monday, 24 August 2015, European stocks edged lower, extending a selloff in global equities spurred by worries that China's economy is slowing down more than anticipated. Key indices in Germany, UK and France were off 2.03% to 3.05%.
Chinese stocks led a sell-off in Asian markets, as fears about the deepening effects of a slowdown in China's economy rattled investors. In mainland China, the Shanghai Composite lost 8.49%. In Hong Kong, the Hang Seng index lost 5.17%. The sharp setback in Chinese stocks materialized as China's central bank failed to take expected action over the weekend to provide more support for the financial system. China's surprise move to devalue its yuan two weeks ago — which could make its exports more competitive — and a string of weak data signal the economy may be feebler than expected, despite a campaign to rev up growth including interest rate cuts and measures to boost lending.
In other Asian markets, key benchmark indices in Indonesia, Japan, Singapore, South Korea and Taiwan lost 2.47% to 4.84%.
Trading in US index futures indicated that the Dow could slump at the opening bell today, 24 August 2015. US stocks tumbled on Friday, 21 August 2015, as fears about China's economy and global growth spurred heavy selling.
Meanwhile, sell off in oil, banking and metal shares led the carnage on the domestic bourses. Indian barometer index, the S&P BSE Sensex, lost 1,624.51 points or 5.94% to settle at 25,741.56. The 50-unit CNX Nifty lost 490.95 points or 5.92% to settle at 7,809. The Sensex hit its lowest closing level in more than a year. The Nifty hit its lowest closing level in more than 10 months. The Nifty ended below the psychological 8,000 mark while the Sensex ended below the psychological 26,000 level. The sharp setback on the Indian bourses was triggered by a rout in Asian stocks.
Meanwhile, Finance Minister Arun Jaitley expects Indian financial markets to stabilize soon, according to news reports. Jaitley has attributed the current turmoil in Indian financial markets to external factors, according to reports. Meanwhile, Reserve Bank of India Governor Raghuram Rajan said at a banking conference in Mumbai today, that it is not the role of the central bank of a country to elevate sentiments unduly to deliver booster shots to the stock market.
Reserve Bank of India Governor Raghuram Rajan was quoted as saying at a banking conference today, that the RBI has no hesitation in using the foreign exchange reserves when appropriate to reduce volatility in the rupee. India has steadily built up its foreign exchange reserves to a record high of more than $355 billion since Rajan took the helm of the RBI in September 2013, when the rupee was in the midst of its worst crisis in more than two decades.
There was heavy selling of Indian stocks by foreign portfolio investors (FPIs) during the previous trading session on Friday, 21 August 2015. FPIs sold shares worth net Rs 2292.98 crore into secondary equity market on Friday, 21 August 2015, as per data from Central Depository Services (India). Domestic institutional investors (DIIs) bought shares worth a net Rs 1524.10 crore on Friday, 21 August 2015, as per provisional data released by the stock exchanges.
Chinese stocks led a sell-off in Asian markets, as fears about the deepening effects of a slowdown in China's economy rattled investors. In mainland China, the Shanghai Composite lost 8.49%. In Hong Kong, the Hang Seng index lost 5.17%. The sharp setback in Chinese stocks materialized as China's central bank failed to take expected action over the weekend to provide more support for the financial system. China's surprise move to devalue its yuan two weeks ago — which could make its exports more competitive — and a string of weak data signal the economy may be feebler than expected, despite a campaign to rev up growth including interest rate cuts and measures to boost lending.
In other Asian markets, key benchmark indices in Indonesia, Japan, Singapore, South Korea and Taiwan lost 2.47% to 4.84%.
Trading in US index futures indicated that the Dow could slump at the opening bell today, 24 August 2015. US stocks tumbled on Friday, 21 August 2015, as fears about China's economy and global growth spurred heavy selling.
Meanwhile, sell off in oil, banking and metal shares led the carnage on the domestic bourses. Indian barometer index, the S&P BSE Sensex, lost 1,624.51 points or 5.94% to settle at 25,741.56. The 50-unit CNX Nifty lost 490.95 points or 5.92% to settle at 7,809. The Sensex hit its lowest closing level in more than a year. The Nifty hit its lowest closing level in more than 10 months. The Nifty ended below the psychological 8,000 mark while the Sensex ended below the psychological 26,000 level. The sharp setback on the Indian bourses was triggered by a rout in Asian stocks.
Meanwhile, Finance Minister Arun Jaitley expects Indian financial markets to stabilize soon, according to news reports. Jaitley has attributed the current turmoil in Indian financial markets to external factors, according to reports. Meanwhile, Reserve Bank of India Governor Raghuram Rajan said at a banking conference in Mumbai today, that it is not the role of the central bank of a country to elevate sentiments unduly to deliver booster shots to the stock market.
Reserve Bank of India Governor Raghuram Rajan was quoted as saying at a banking conference today, that the RBI has no hesitation in using the foreign exchange reserves when appropriate to reduce volatility in the rupee. India has steadily built up its foreign exchange reserves to a record high of more than $355 billion since Rajan took the helm of the RBI in September 2013, when the rupee was in the midst of its worst crisis in more than two decades.
There was heavy selling of Indian stocks by foreign portfolio investors (FPIs) during the previous trading session on Friday, 21 August 2015. FPIs sold shares worth net Rs 2292.98 crore into secondary equity market on Friday, 21 August 2015, as per data from Central Depository Services (India). Domestic institutional investors (DIIs) bought shares worth a net Rs 1524.10 crore on Friday, 21 August 2015, as per provisional data released by the stock exchanges.
