Chinese shares plummet in morning trading

Dow loses more than 550 points as markets tumble

Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong, said Chinese shares were mostly falling because they were being dragged down by the US correction but he also had some China-specific worries. Even after this week's losses, the S&P 500 index is up 12.5 percent over the past year.

The S&P 500 is down 9.3 percent from the record high it set January 26.

The market began falling in the first few minutes of trading, and the pace of the declines worsened as the day wore on.

The sell-off in global stocks that briefly looked to have ended mid-week has come back, tipping markets from the USA to Asia into declines exceeding 10 per cent from their January highs. It's still up 15 percent over the past year. Numerous companies that rose the most over the a year ago have borne the brunt of the selling. The top gainer on Hang Seng was AAC Technologies Holdings Inc up 4.17 percent, while the biggest loser was CNOOC Ltd which was down 2.05 percent.

China's blue-chip CSI300 index was down 1.14 percent, with its financial sector sub-index lower by 2.64 percent, the consumer staples sector up 1.63 percent, the real estate index down 1.68 percent and healthcare sub-index up 0.95 percent.

More news: Salma Hayek gives Oprah new horrifying details about Harvey Weinstein's behavior

Wall Street turmoil engulfed major Asian markets on Friday, racking up more losses in a brutal week for trading.

The market got off to a mixed start on Thursday but has fallen steadily as the morning wore on.

The top gainers among H-shares were Zhuzhou CRRC Times Electric Co Ltd up 1.63 percent, followed by China Vanke Co Ltd gaining 1.58 percent and Byd Co Ltd up by 1.55 percent. Hong Kong's benchmark index was down 3.1% at 29,508.89 as of 9:58am, heading for a weekly loss of 9.5%, its worst since 2008.

The Dow Jones industrial average lost 400 points, or 1.6 percent, to 24,491.

Stocks are mixed in the early going as traders digest a batch of company earnings reports.

More news: Clear evidence Russia meddled in 2016 US election, says George W. Bush

Hanesbrands sank 8.8 percent after its results came up short of analysts' foreacasts. Accern also assigned media coverage about the Wireless communications provider an impact score of 45.1989588840299 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company's share price in the near term.

The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,679.

The smaller Shenzhen index was up 0.86 percent and the start-up board ChiNext Composite index was higher by 1.69 percent. The Nasdaq composite edged up 10 points, or 0.2 percent, to 7,061.

Pressure on U.S. stocks again came from the Treasury market, where another weak auction put gave bond bears ammunition, sending the 10-year yield as high as 2.88 per cent. Equity investors took the signal to mean interest rates will push higher, denting earnings and consumer-spending power.

More news: Oil prices fall as United States output soars above 10 million bpd

Related News:

  • Toyota TRD Pro models debut in Chicago

    Toyota TRD Pro models debut in Chicago

    Up front, the Fox shocks are paired with TRD-tuned springs designed for ride comfort and to also produce additional lift. First unveiled in 2014 , Toyota's TRD Pro lineup was born from the automaker's rich heritage of off-road performance.
    Microsoft is testing authenticator logins for Windows 10 S users

    Microsoft is testing authenticator logins for Windows 10 S users

    This build is a portion of the RS4 section, which depicts the subsequent Windows 10 update the corporation has still to declare. While there are some exciting improvements to the system graphics, the company also unveiled some privacy and security changes.
    Kane is Europe's best admits Wenger, despite derby tension

    Kane is Europe's best admits Wenger, despite derby tension

    Kane has more than taken revenge with a fine record against Arsenal, scoring six goals in seven North London derbies . Take a look through the gallery above to see how Arsenal could line up against Tottenham .
  • Qualcomm Rejects Broadcom's US$121 Billion Offer

    Qualcomm Rejects Broadcom's US$121 Billion Offer

    Broadcom said its latest offer was "best and final" and that it had strong Qualcomm stockholder support. A date for a meeting between Qualcomm and Broadcom had not been finalized as of Friday morning.

    John Kelly Faces Scrutiny as Trump Questions Response to Abuse Allegations

    Another spoke of emotional abuse and of Porter grabbing her and pulling her from the shower. Just another day in a White House of a sitting president who is a misogynist.
    The 'double-VIX' ETF is the most actively traded stock

    The 'double-VIX' ETF is the most actively traded stock

    Those strategies of selling volatility and buying risky assets have proved to be tremendously profitable in recent years. Friday's rise in volatility put investors on edge , but this week's surge brought the roof crashing down on such trades.
  • Bradenton pizzeria fights hunger on National Pizza Day

    Bradenton pizzeria fights hunger on National Pizza Day

    Numerous top pizza restaurants are offering deals for National Pizza Day so people can take advantage of the special occasion. From 3 p.m.to 7 p.m., participating Baskin-Robbins locations are giving out free samples of their new Sweetheart Polar Pizza .
    'Game of Thrones' creators to make 'Star Wars' films

    'Game of Thrones' creators to make 'Star Wars' films

    However, fans can rest assured that there will be no shortage of " Star Wars " films and series in the coming years. Disney boss Bob Iger has now revealed that the studio is in fact developing more than one Star Wars show.
    FBI Text Messages Indicate Obama's Interest in Investigation

    FBI Text Messages Indicate Obama's Interest in Investigation

    Page then described preparing former FBI director James Comey to brief Obama on the details of a particular investigation. Days later, DOJ Inspector General Michael Horowitz told Congress that his office had recovered those messages.
  • Snap Inc. Soars After Surprise Q4 Earnings

    Snap Inc. Soars After Surprise Q4 Earnings

    Now those results don't scream financial juggernaut, but average revenue per user improved to $1.53 in the fourth quarter. Snap reported a net loss of $350 million or $0.28 per share, up from analyst expectations of a $410 million loss.
    Quay Walker throws Tennessee hat to floor, picks Georgia

    Quay Walker throws Tennessee hat to floor, picks Georgia

    Georgia flipped four-star linebacker Quay Walker from his Alabama commitment to the Bulldogs on National Signing Day. This year marks the first time since 2010 that a school other than Alabama will have the No. 1 class in the country.
    Internet rights advocate John Perry Barlow dies at 70

    Internet rights advocate John Perry Barlow dies at 70

    Early internet rights advocate John Perry Barlow died on Wednesday at the age of 70 , according to colleagues, CNN reports. Other credits include Fellow Emeritus at Harvard University's Berkman Center for Internet and Society, poet and essayist.


Most liked

Shirtless Tongan Flag-Bearer Goes Shirtless in Pyeongchang
Pita Taufatofua repeated his antics from the 2016 Rio Olympics when he carried the Tongan flag during the opening ceremony. Tongan athlete Pita Taufatofua returned to the Olympics as his country's flag-bearer in the Opening Ceremonies .

Why the market is falling on latest United Kingdom interest rate decision
The MPC said Brexit remained the biggest risk and greatest source of uncertainty to the outlook of the United Kingdom economy. Today the Bank signalled that the old conventions of increasing interest rates when inflation is above target would return.

US Senate Passes Budget Bill to End Gov't Shutdown
During the meeting Thursday night, Pelosi made a strong case to vote against the bill , lawmakers who attended the meeting said . Pence is set to lead the US delegation to the opening ceremonies of the Winter Games in Pyeongchang, South Korea, Friday evening.

SA president Jacob Zuma could quit within days
However, Mr Zuma still has his supporters within the ANC - including at least two of the top six - so nothing is definite. His presidency has been dominated by an economic slowdown, record unemployment and allegations of corruption.

Ex-Bangladesh PM Zia jailed for 5 yrs for corruption
Her son, Tarique Rahman, and four others were jailed for 10 years at the end of a case that lasted almost 10 years. Bangladeshi police have clashed with thousands of protesters after opposition leader Khaleda Zia was jailed.

Leaked Brexit forecasts predict grim times ahead for the UK
Britain intends to seek free trade deals with its major trading partners once it leaves the European Union next year. The Foundation was not immediately available for comment when contacted by CNBC.

White House Admits Fault In Rob Porter Domestic Abuse Case
During the campaign, she transcribed Trump's tweets. "He is a friend, a confidant and a trusted professional", Kelly said. Privately, Kelly reportedly urged him to stay in his job. "He didn't have much left before the Portman screw up".

Dalai Lama saddened by quake deaths in Taiwan
They sent the rescue teams scurrying from the building, only for them to return a little later and resume their grim task. Firefighters could be seen climbing ladders hoisted against windows as they sought to reach residents inside apartments.

John Oliver warns Meghan Markle about joining 'fundamentally flawed' royal family
He added: "My lawyer had a phone meeting with her lawyer, and he emailed me some of [Meghan's] direct words". She said, 'That's distant family and I don't know those people .' That's pretty harsh, ' he claimed.

Pixel users sue Google over microphone defects
Further, Google has also stated that the phone's custom-made image processing unit will be accessible to third-party apps. Additionally, the faulty components rendered the much-touted Google Assistant AI helper useless.

Are There North Koreans at the Winter Olympics?
The fact that YouTube has shut down some North Korea propaganda channels may make it even harder to get imagery of the parade. But North Korean athletes won't have the fun of taking selfies and filming their time in the South with the Samsung phone.

Gilead Sciences Tops Fourth-Quarter Sales, Earnings Views
It also upped Lyondellbasell Industries Nv (NYSE:LYB) stake by 17,656 shares and now owns 52,316 shares. (NASDAQ:CAR). The company was maintained on Tuesday, July 25 by Cowen & Co. (NYSE:AN) on Monday, October 31 to "Neutral" rating.

Senators scrutinize author of Trump-Russia dossier
Steele's personal credibility and presumably having faith in his process of obtaining the information", it continues. It also confirmed that the Russian Federation investigation didn't start with the Steele dossier.





Most Commented