The UK economy expanded by less than previously thought in the last three months of 2017, official figures say. GDP grew by 0.4% in the October-to-December period, the Office for National Statistics (ONS) said, down from the initial estimate of 0.5%. The revision was due to slower growth in production industries, the ONS said.
The United States Dow Jones industrial average nosedived more than 1,000 points on Thursday, registering another eye-popping loss for the closely-followed index, as wild trading and fears of rising interest rates around the world took hold of traders. The Dow as well as the S&P 500, a broader stock index, are now down more than 10% from their all-time highs, passing an important psychological barrier known as a “correction” for the first time in two years.
By Nick Cunningham of Oilprice.com
Oil prices fell back suddenly over the last few trading sessions, dragged down by some forces beyond the oil market.
Ibovespa, the benchmark stock market index in Brazil, ended the last trading session of the year with a 0.43% rise to 76,402.08 points amid a lack of negative political news and tracking stock markets abroad.
World stock markets and southern European government bonds sank on Tuesday on fears that political stalemate in Italy would leave its economic reforms in tatters and reignite the Euro zone's broader debt crisis.
Germany got bids for 6.24 billion Euros of two-year notes at an auction Wednesday exceeding its 5 billion-Euro maximum sales target, according to a statement from the Bundesbank.
US stock were modestly higher as optimism over a possible coordinated action by major world central banks if Sunday's Greek election causes financial turmoil was tempered by a weak reading on domestic manufacturing.
US stocks fell more than 2% on Friday, dragging the Dow Jones into negative territory for the year after a dismal US jobs report added to fears that Europe's spiralling debt crisis was dragging down the world economy.
China Security Regulatory Commission exposed its biggest-ever case of stock market manipulation in a show of strength by the new securities regulator, who has vowed to crack down on rampant illegal trading.
Stocks rose sharply in Europe and in the US on Monday as investor sentiment were buoyed by a renewed pledge by France and Germany to come up with a plan to tackle the Euro zone debt crisis by month's end. International pressure has been building for bold steps from Europe to avert a global economic backlash.