Don't miss

Replay


LATEST SHOWS

REPORTERS

Video: Crimean dissidents silenced by Moscow

Read more

EYE ON AFRICA

France refuses to return cultural artifacts to Benin

Read more

IN THE PAPERS

France's Fillon insists President Hollande is behind efforts to tarnish him

Read more

ACROSS AFRICA

Mass graves bear witness to growing violence in DR Congo

Read more

EYE ON AFRICA

French far-right leader Marine Le Pen meets French troops in Chad

Read more

THE DEBATE

Westminster attack: What response to parliament rampage? (part 2)

Read more

THE DEBATE

Westminster attack: What response to parliament rampage? (part 1)

Read more

FOCUS

A day in the life of an Indian entrepreneur

Read more

Business

Global stocks fall amid investor fears

Text by News Wires

Latest update : 2011-09-07

US stocks opened down more than 2 percent on Tuesday and European markets were in the red amid investor fears over the eurozone's sovereign debt crisis and the possibility that the United States is heading toward another recession.

REUTERS - Global stock markets fell on Tuesday on fears of the European debt crisis worsening, while the Swiss franc lost nearly 10 percent against the euro after Switzerland’s central bank sought to slow the safe-haven rush into its currency, worried it could hurt its economy.

Nervous investors channeled cash into less-risky assets as doubts resurfaced over Italy and Greece’s willingness to implement tough budget and debt measures demanded by other euro zone members, while Germany hardened its stand against giving them more aid.

“Europe is where you have to be focused right now, and Europe doesn’t look good,” said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

Wall Street stocks were down about 1 percent after a three-day holiday weekend, with Friday’s U.S. jobs report, which showed zero net jobs growth, also hurting investor confidence.

The Swiss central bank set a limit of 1.20 francs to the euro in an attempt to keep the currency’s strength from damaging its economy. Global investors have poured money into the Swiss franc seeking a relatively safe asset.

The move led to some selling of gold after it touched a record high above $1,900 an ounce.

U.S. and German government debt, perceived as safer assets along with gold amid the turmoil, rallied and pushed benchmark yields to historic lows.
 

Date created : 2011-09-06

  • MARKETS

    Stocks slide amid debt, banking woes

    Read more

  • MARKETS

    European markets close at two-week low

    Read more

  • MARKETS

    European stocks slump as US job market stagnates

    Read more

COMMENT(S)