The
worst start to a year in global stocks since 2000 extended to a fourth
day, with the Dow Jones Industrial Average losing more than 200 points,
as turmoil emanating from China spread around the world and billionaire
George Soros warned that a larger crisis may be brewing.
The
Dow average headed for its third drop of more than 1 percent this week,
and developing-nation markets tumbled 2.5 percent. Chinese shares fell 7
percent after the central bank weakened the yuan an eighth day. Crude
sank toward $33 a barrel in New York and copper dipped below $2 for the
first time since 2009. The yen reached a four-month high and gold surged
on haven demand. Treasuries weakened on speculation China will sell
U.S. debt to raise cash.
The
Standard & Poor’s 500 Index slid 1.5 percent at 12:39 p.m in New
York. The index is down 4 percent this year. The MSCI All-Country World
Index fell for a fourth day, bringing its slide this year to 4.8
percent.
China’s
devaluation revived the angst that sent financial markets into turmoil
last summer, driving U.S. stocks to three-month lows Wednesday in a
selloff led by commodity producers. Comments by Soros exacerbated market
jitters after he told an economic forum in Sri Lanka today that global
markets are facing a crisis and investors need to be very cautious.
Source: Bloomberg
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