Japanese stocks
plunged after the yen strengthened as investors sought haven assets amid
a Federal Reserve warning that China’s equity rout and the Greek debt
crisis could damp economic growth.
The Topix index lost
1.8 percent to 1,554.19 as of 9:01 a.m. in Tokyo, with all of its 33
industry groups declining. The Nikkei 225 Stock Average dropped 1.6
percent to 19,416.19. The yen advanced against all 16 of its major peers
Wednesday, surging more than 2 percent versus currencies from the pound
to the Brazilian real amid demand for the safest assets. It traded at
120.86 per dollar, maintaining a 1.5 percent gain.
E-mini futures on the
Standard & Poor’s 500 Index added 0.3 percent after the underlying
measure tumbled 1.7 percent to a four-month low in disrupted trading in
New York on Wednesday.
Trading was suspended
on the New York Stock Exchange as a computer malfunction shut the venue
for 3 1/2 hours. Stocks continued to change hands on other U.S. venues.
Fed officials
expressed concern over risks posed by China and Greece, according to the
record of their last meeting. Almost all policy makers said they still
need more evidence growth is strong as they mull the timeline for
raising interest rates. Investors sought out haven plays amid
speculation the selloff that has wiped out more than $3 trillion in
Chinese equity value and paralyzed the market could spread to the
economy. Greece extended its bank shutdown through Monday.
Source : Bloomberg
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