Tuesday 9 October 2018

Stocks plunge in China and Europe, broader US market “continues to deteriorate”

Markets fell on Monday.

The S&P 500 fell less than 0.1 percent but the STOXX Europe 600 tumbled 1.1 percent and the Shanghai Composite plunged 3.7 percent.

Chinese stocks fell despite the People's Bank of China cutting banks’ reserve-requirement ratios by one percentage-point.

The sell-off in China pushed down stocks in Europe that were already weighed down by concerns over a budget clash between Italy and the European Union.

While the US stock market was relatively steady, Bruce Bittles, chief investment strategist at Baird, noted: “The technical underpinnings of the equity markets argue on the side of caution. Despite new highs by the S&P 500 and Dow Industrials just a few days ago, the broad market continues to deteriorate.”

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