{"id":632224,"date":"2018-02-06T04:13:37","date_gmt":"2018-02-06T04:13:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/"},"modified":"2018-02-06T04:13:37","modified_gmt":"2018-02-06T04:13:37","slug":"global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/","title":{"rendered":"Global selloff continues on Tuesday after US stocks suffer their worst fall in six years"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> The only global business story that matters this morning: <strong>The global correction in the equities market is gaining steam, and the selloff continues this morning in Asia. <\/strong>The EGX30 was the only regional index to buck the trend yesterday, closing the day up 0.6% in moderate trading.<\/p>\n<p><strong>Wall Street has now erased its 2018 gains after US stocks suffered their worst fall in six years: <\/strong>The Dow Jones Industrial Index and S&P 500 both took hits yesterday, dropping by more than 4%, \u201cthe biggest single-day percentage drops since August 2011, a period of stock-market volatility [that was] marked by the downgrade of the US\u2019 credit rating and the eurozone debt crisis,\u201d <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-street-plunges-sp-500-erases-2018s-gains-idUSKBN1FP1OR\">Reuters says<\/a>. The Dow alone dropped a record 1,600 points, \u201cits biggest intraday decline in history.\u201d What investors need to think about now is \u201cwhether this is the long-awaited pullback that paves the way for stocks to again keep rising after finding some value, or the start of a decline that leads to a bear market,\u201d the newswire says. The Wall Street Journal\u2019s <a href=\"https:\/\/www.wsj.com\/articles\/asia-pacific-stocks-fall-to-kick-off-the-week-1517790854\">narrative on yesterday<\/a> is also solid, as is <a href=\"https:\/\/www.nytimes.com\/2018\/02\/05\/business\/stocks-equities-dow-markets.html\">the New York Times\u2019<\/a>.<\/p>\n<p><strong>Asian shares are down sharply this morning<\/strong>, with \u201cMSCI\u2019s broadest index of Asia-Pacific shares outside Japan shedding 2.8% to a one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6%,\u201d <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/asian-shares-tumble-as-goldilocks-trade-unwinds-idUSKBN1FQ00X?il=0\">Reuters reports<\/a>.<\/p>\n<p><strong>Need to follow the correction as it unfolds? <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/live-blog\/2018-02-05\/asia-markets-open-after-u-s-stocks-plunge\"><strong>Bloomberg is love-blogging it<\/strong><\/a> and streaming TV on its website.<\/p>\n<p>Other stories we think you might want to read as you shape your thinking on what\u2019s going on:<\/p>\n<p><strong>The big question as the <\/strong><a href=\"https:\/\/www.ft.com\/content\/feeccfaa-0a69-11e8-8eb7-42f857ea9f09\"><strong>the Financial Times sees it<\/strong><\/a><strong>:<\/strong> \u201cWhether the economic outlook in the US and around the world has changed sufficiently to justify weaker financial prices, or whether the correction has come without a definitive trigger, as professor Bob Shiller of Yale University says <a href=\"https:\/\/www.ft.com\/content\/63dd6e06-01b9-11e8-9650-9c0ad2d7c5b5\">happens most often when markets turn<\/a>.\u201d<\/p>\n<p><strong>The selloff \u201cfeeds two narratives,\u201d<\/strong> <a href=\"https:\/\/www.wsj.com\/articles\/what-should-we-make-of-the-stock-price-drop-1517853618\">the Wall Street Journal notes<\/a>, \u201cone involving a brief correction, the other a tale of woe for stock and bond investors.\u201d<\/p>\n<p>Whatever is happening, <strong>it may not be good for the global M&A market<\/strong>, where \u201cthe most aggressive start to a year of dealmaking\u201d is now in question, <a href=\"https:\/\/www.ft.com\/content\/aad24fec-0809-11e8-9650-9c0ad2d7c5b5\">the Financial Times<\/a> writes.<\/p>\n<p><strong>Did that wager on VIX pay off? <\/strong>We noted in the summer of 2017 that <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/25\/what-were-tracking-on-25-july-2017\/\">someone out there had expected a very volatile fall for US markets<\/a>, taking a position that could have paid out USD 265 mn if the FIX rose to 25 by October. That didn\u2019t happen, but now? The market rout has shattered the lull in volatility, <a href=\"https:\/\/www.wsj.com\/articles\/market-rout-shatters-lull-in-volatility-1517875833\">the WSJ reports<\/a>, noting that <strong>the VIX was at 37 by the close of Monday\u2019s trading session<\/strong>, \u201cshattering a lull in volatility.\u201d<\/p>\n<p><strong>The market sell-off <\/strong><a href=\"https:\/\/www.ft.com\/content\/8b9037d6-0a96-11e8-8eb7-42f857ea9f09\"><strong>overshadowed Jay Powell\u2019s first day<\/strong><\/a><strong> as chairman of the US Federal Reserve<\/strong> and has wiped USD 114 bn from the fortunes of the world\u2019s wealthiest people, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-05\/market-rout-lops-114-billion-from-fortunes-of-world-s-richest\">Bloomberg reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The only global business story that matters this morning: The global correction in the equities market is gaining steam, and the selloff continues this morning in Asia. The EGX30 was the only regional index to buck the trend yesterday, closing the day up 0.6% in moderate trading. Wall Street has now erased its 2018 gains [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":632225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"74bfb227-c383-4594-82c3-c495785d7f91","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/2\/1890.png","photo_position":"above","related_issue":[632222],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global selloff continues on Tuesday after US stocks suffer their worst fall in six years - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global selloff continues on Tuesday after US stocks suffer their worst fall in six years\" \/>\n<meta property=\"og:description\" content=\"The only global business story that matters this morning: The global correction in the equities market is gaining steam, and the selloff continues this morning in Asia. The EGX30 was the only regional index to buck the trend yesterday, closing the day up 0.6% in moderate trading. Wall Street has now erased its 2018 gains [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-06T04:13:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/2\/1890.png?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Global selloff continues on Tuesday after US stocks suffer their worst fall in six years\",\"datePublished\":\"2018-02-06T04:13:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\"},\"wordCount\":501,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/2\/1890.png?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/06\/global-selloff-continues-on-tuesday-after-us-stocks-suffer-their-worst-fall-in-six-years\/\",\"name\":\"Global selloff continues on Tuesday after US stocks suffer their worst fall in six years - 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Trading was moderate, with EGP 1 bn-worth\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570281,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/25\/dow-has-best-day-since-1933-as-us-european-markets-soar-on-fed-bond-buying-and-prospect-of-massive-us-bailout\/","url_meta":{"origin":632224,"position":1},"title":"Dow has best day since 1933 as US, European markets soar on Fed bond buying and prospect of massive US bailout","author":"enterpriseam admin","date":"25 March 2020","format":false,"excerpt":"Dow has best day since 1933 as US, European markets soar on Fed bond buying and prospect of massive US bailout: Global stock markets soared yesterday as investors shrugged off dire economic data and regained confidence on a mammoth stimulus package from the Federal Reserve and hopes that US lawmakers\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/289.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623262,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/25\/egyptian-exchange-slumps-as-global-share-selloff-sees-us-markets-erase-the-years-gains\/","url_meta":{"origin":632224,"position":2},"title":"Egyptian Exchange slumps as global share selloff sees US markets erase the year\u2019s gains","author":"enterpriseam admin","date":"25 October 2018","format":false,"excerpt":"** #4 We look set to end the week on a reasonably quiet note here at home \u2014 the EGX excepted. 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\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/10\/2261.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599515,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/what-were-tracking-on-02-january-2019\/","url_meta":{"origin":632224,"position":3},"title":"What we\u2019re tracking on 02 January 2019","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"Happy New Year, friends, and welcome to 2019. We\u2019re delighted to be back in your inboxes this morning after our end-of-year publication break the first half of this week. Don\u2019t expect a rush of news before the week of 13 January. It\u2019s prime vacation time this week and well into\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egx-sell-off-continues-as-shares-fall-7\/","url_meta":{"origin":632224,"position":4},"title":"EGX sell-off continues as shares fall 7%","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"The selloff on the EGX continued yesterday, tripping circuit breakers yet again: The sell-off on the EGX continued at pace yesterday, with the benchmark EGX30 index finishing 7.1% in the red and the wider EGX100 falling more than 6%. CIB, the EGX30 heavyweight, closed down 6.7%. Qalaa Holdings and El\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546257,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/","url_meta":{"origin":632224,"position":5},"title":"THIS MORNING: Worst day for global stocks since June 2020; It\u2019s inflation day here in Egypt","author":"enterpriseam admin","date":"10 May 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. We have a really packed issue for you today, so let\u2019s jump right in: THE BIG STORY EVERYWHERE THIS MORNING- The global market sell-off looks like it is getting serious. Global equities suffered their heaviest one-day losses since June 2020 yesterday. Investors are\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=632224"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632224\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/632225"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632224"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632224"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}