World stocks fall on unexpected dip in US economy
By Pamela Sampson
An unexpected contraction in the U.S. economy at the end of 2012 sent world stock markets into retreat Thursday.
An unexpected contraction in the U.S. economy at the end of 2012 sent world stock markets into retreat Thursday.
World stock markets were mixed Thursday, with Asian markets supported by a pickup in China’s factory production ahead of the release of manufacturing and services sector data in Europe.
Asian stock markets rose Thursday after a Federal Reserve survey found the U.S. economy improved in 2012 and earnings from a handful of big banks far exceeded expectations.
Stock markets in Asia registered relief Wednesday over the U.S. congressional vote to stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world’s biggest economy into recession.
World stocks fell Monday as Europe’s debt crisis continued to roil markets and the World Bank cut its growth forecasts for Asia.
Global financial markets fell Tuesday amid uncertainty over what authorities in the US, China and Europe might do to help the slowing world economy.
Oil prices fell to below $104 a barrel Wednesday in Asia after a report showed a larger than expected U.S. crude supply jump, suggesting demand may remain weak.
World markets buckled under a frenzied sell-off on Thursday as investors panicked the global economy was headed for another recession, one which policymakers may be ill-equipped to prevent.
