European and Asian stock markets take a tumble after stocks went into free fall in the United States.
Main European benchmarks were down to nearly three-percent at open. The German stock market tumbled three-point-six percent while the Paris market tanked three-point-four percent. The London stock market also fell three-point-five percent. Meanwhile, shares tumbled in Asia with Japan’s Nikkei index closing down four-point-seven percent on Tuesday. Hong Kong’s Hang Seng also plummeted nearly five percent. This came after the Dow Jones Industrial Average suffered its biggest decline since 2011. The Dow plummeted more than eleven-hundred points, or four-point-six percent, in trading on Monday. The sell-off is partly blamed on a possible hike in the interest rate. In reaction, the White House said President Donald Trump was focused on long-term economic fundamentals, which it described as exceptionally strong.
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European & Asian stocks slump as panic spreads