Global Stock Market Sell-off Highlights Fraud and Financial Parasitism

Saturday, January 25, 2014
By Paul Martin

By Barry Grey
Global Research
January 25, 2014

Stock markets around the world plunged Friday as emerging market currencies hit record lows. The rout on financial markets began Thursday and intensified Friday, triggered by a report showing a slowdown in the growth of Chinese factory output and anxiety over the impact of a further cutback in the US Federal Reserve’s multi-billion-dollar bond-buying program.

Stock prices plummeted from North America to Europe, Asia and South America. In the US, the Dow Jones Industrial Average fell 318 points (-1.96 percent) to close at 15,879, ending below 16,000 for the first time since December 17. On Thursday, the Dow fell 176 points. For the week, the blue chip index dropped 579 points, its worst point drop since September of 2011.

The broader Standard & Poor’s 500 stock index fell 38 points (-2.09 percent), ending below 1,800 for the first time since December 17. The tech-heavy Nasdaq composite index declined 90 points (-2.25 percent).

Trading volume was sharply higher than in previous weeks and the markets closed at session lows, suggesting a further sell-off to come.

In Europe, all of the major country indexes fell sharply. Britain’s FTSE declined 1.6 percent; Germany’s DAX dropped 2.5 percent; France’s CAC fell 2.78 percent; Greek stocks fell 3.21 percent. The composite Stoxx Europe 600 index dropped 2.4 percent, adding to Thursday’s 1.0 percent slide. The index was down 3.3 percent for the week.

In Asia, Japan’s Nikkei fell 1.94 percent; Hong Kong’s Hang Seng was down 1.3 percent; the Jakarta Composite dropped 1.31 percent.

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