{"id":623262,"date":"2018-10-25T04:15:24","date_gmt":"2018-10-25T04:15:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egyptian-exchange-slumps-as-global-share-selloff-sees-us-markets-erase-the-years-gains\/"},"modified":"2018-10-25T04:15:24","modified_gmt":"2018-10-25T04:15:24","slug":"egyptian-exchange-slumps-as-global-share-selloff-sees-us-markets-erase-the-years-gains","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egyptian-exchange-slumps-as-global-share-selloff-sees-us-markets-erase-the-years-gains\/","title":{"rendered":"Egyptian Exchange slumps as global share selloff sees US markets erase the year\u2019s gains"},"content":{"rendered":"

<\/a> ** #4 We look set to end the week on a reasonably quiet note here at home \u2014 the EGX excepted. <\/strong>The benchmark EGX30 shed nearly 2.5% yesterday on moderate turnover, bringing its year-to-date return to -11.8%. Wednesday\u2019s performance came as a global share sell-off sent the Nasdaq into correction territory (it\u2019s down 12% from its September peak) and saw both the Dow and the S&P 500 wipe out their gains for the year<\/a>. A sell-off in tech shares led the decline, the Financial Times<\/a> notes.<\/p>\n

Asian shares are also down sharply this morning<\/strong>, with major indexes<\/a> in China, Japan, South Korea and Australia slumping 2-4% at dispatch time (see Bloomberg<\/a> for color on Asian markets).<\/p>\n

What\u2019s going on? <\/strong>The nearly decade-long bull market took it on the chin yesterday as investors freaked out about everything under the sun. The Financial Times<\/a>, the Wall Street Journal<\/a>, Bloomberg<\/a>, Reuters<\/a> and the New York Times<\/a> all cite combinations of some or all of the following:<\/p>\n