Asian markets decline generated a 2008 tsunami covering global economy.
The global economy has not witnessed such a devastating slump on major stock markets for 7 years since 2008. China’s Shanghai Composite Index sank by 8.5%, Hong Kong Hang Seng Index dropped 4.64%, Japan’s Nikkei down by 3.5%, and Australia’s S&P/ASX 200 fell by 7.52%. The US and EU stock markets also decline.
Loonie fell to its 11-year low against greenback due to the plunge in the global stock and commodity prices.
Dubai Financial Market index lost almost 7%, Saudi Arabia’s Tadawul Index down by 6.9%, Egyptian EGX 30 fell by 5.4%, and Abu Dhabi Securities Exchange (ADX) index decreased by 5%.
Russian market keeps up with a decline. The Russian ruble slid to 81.5 against the euro and 70.69 against the US dollar. However, for the time being, Russian authorities can only look at the emerging tsunami in the financial world, which is going to be difficult to escape.
