Asian markets sank on Monday, surrendering Friday’s gains. UBS cut its outlook for Australian mining giants BHP Billiton and Rio Tinto, pressuring materials stocks across the region. The Nikkei slumped .7% to 8735, as mining shares tumbled 3.6%, and the Kospi fell 1.2% to 1825. Both the Hang Sang and the ASX 200 slipped .5%, while the Shanghai Composite tumbled 1.6% to a 5-month low.
Selling pressure increased in Europe, as European banks tumbled 3%. The CAC40 plunged 2.2%, the DAX tanked 2.1%, and the FTSE fell 1.1%.
France's CAC40 Tumbles 2.2%
US stocks fared only slightly better, as the Dow plummeted 138 points to 12503. The Nasdaq skidded 2% to 2836, and the S&P 500 fell 1.6% to 1314. The VIX surged 12.5% to 20.38 as investor fear ran wild.
Research in Motion tumbled 7.6% to 9.105 amid reports it may split its hardware business from its messaging network.
Currencies
The US dollar rose moderately against most global currencies on Monday. The euro and Australian declined .4% to 1.2501 and 1.0012 respectively. The Swiss franc dropped .3% to .9605, and the pound eased .2% to 1.5572. Once again, the yen bucked the trend, jumping .7% to 79.64.
Economic Outlook
New home sales blew past forecasts, climbing to 369K from last month’s 343K. Analysts hadexpected only a marginal gain of 4K.
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Global Equities Skid, VIX Surges 12.5%
Published 06/26/2012, 03:59 AM
Updated 05/14/2017, 06:45 AM
Global Equities Skid, VIX Surges 12.5%
Equities
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