The broad-based selloff yesterday began in Asia yesterday and accelerated in European and US sessions as economic data released was disappointing and policymakers’ comments about outlook were bearish. Wall Street tumbled with DJIA and S&P 500 Indices plunging -1.32% and -1.45% respectively. Treasuries rallied, sending yields to new lows. In the commodity sector, crude oil and base metals slumped with the front-month WTI contract sliding -2.44% to close at 71.63 and the LME metal index, a normalized average of future prices for the 6 metals (Aluminum, Copper, Nickel, Zinc, Tin and Lead) over 3 maturities, losing -1.56% to 3250.5. Precious metals initially declined but then pared losses and ended with modest gains amid safe-haven demand.
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World Markets Tumble. Data and Influential Comments Deepen Growth Worries
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