Economy

xchrom

(108,903 posts)

34. Emerging markets selloff picks up, drags down Europe, U.S.

Sat Jan 25, 2014, 06:48 AM

Jan 2014

http://uk.reuters.com/article/2014/01/25/uk-markets-global-idUKBRE9920LO20140125

(Reuters) - A full-scale flight from emerging markets accelerated on Friday, as investors sold shares in major markets and bought safe-haven assets such as U.S. Treasuries, the yen and gold.

On Wall Street, the benchmark S&P 500 stock index tumbled 2.0 percent on the day, and ended the week down 2.6 percent, its worst week since June 2012.

Concerns about slower growth in China, reduced support from U.S. monetary policy and political problems in Turkey, Argentina and Ukraine drove the selling.

The Turkish lira hit a record low as the cost of insuring against a Turkish default rose to an 18-month high. Argentina's peso fell again after the country's central bank abandoned its support of the currency.

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