Global Markets Decline Amid a Massive Selloff, Particularly Among European Blue-Chip Indexes
Markets across the world suffered one of their worst days in months as mounting concern about an economic slowdown punished stocks in every sector.</br></br>While global investors have been dumping technology and other growth-oriented shares for many months, the declines highlighted how the damage has spread in recent weeks to parts of the market traditionally considered relatively safe.</br></br>Before this month, "people said they wanted safe-haven stocks," said Subodh Kumar, chief investment strategist for CIBC World Markets in Toronto. "Now they don't want any stocks."</br></br>Yesterday's selloff, which occurred before the end-of-the-day rally in the U.S., was particularly intense in Europe, where all the major blue-chip indexes fell 4% or more, and in Latin America, where markets in Brazil and Argentina each declined more than 5%. Most Asian stocks also foundered. Hong Kong blue-chips lost 4%, Tokyo's Nikkei Stock Average skidded 2% and Singapore's benchmark index fell 2.6%.</br></br>Overall, the Dow Jones World Stock Index was down 1.87%, or 3.36, to 176.60. Excluding the U.S., the index fell 3.53%, or 4.80, to 131.01.