Dow plunges almost 800 pts: Aus share to drop at open

Traders work on the floor of the New York Stock

Similarly, the S&P 500 dropped by 2.5pc with financials dropping by 4.0pc and industrials dropping by 3.5pc. Benchmark U.S. crude gained 0.6 percent to settle at $53.25 per barrel in NY.

In comments on Tuesday, New York Fed President John Williams said the USA central bank should expect to continue raising interest rates "over the next year or so" even while it pays close attention to possible risks highlighted by financial markets. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. Investors' confidence in that truce appeared to falter Tuesday, contributing to renewed fears about a slowing global economy. The Standard & Poor's 500 slid 3.2 percent to 2,700.06.

Stocks took a tumble Tuesday as the Dow Jones Industrial Average fell almost 800 points amid renewed fears regarding the U.S. The Nasdaq Composite Index fell 283.09 points, or 3.80 percent, to 7,158.43. Tech companies, banks and exporters including Boeing and Caterpillar all declined.

During the G-20 Summit, U.S. President Donald Trump and Chinese President Xi Jinping discussed ongoing trade tensions. -China trade talks rattled investors who had been in a buying mood earlier this week. Trump previously said the agreement in Buenos Aires would lead to sales of American farm goods and cuts in Chinese auto tariffs, but Beijing has yet to confirm that.

But the market's optimism faded today amid published reports questioning the scant details out of the Trump-Xi talks and growing skepticism that Beijing will yield to USA demands anytime soon.

Meanwhile, markets also got a bit of a jolt Tuesday from remarks by John Williams, president of the Fed's NY regional bank. During a briefing with reporters, John Williams said given his outlook for strong economic growth, he expects "further gradual increases in interest rates will best sponsor a sustained economic expansion".

Trump asks OPEC not to cut production
The oil-rich kingdom had indicated previously that it wanted the group to curb output by at least 1.3 million barrels per day. On Thursday, Brent futures fell more than 2% as traders began to doubt Opec would deliver a significant cut.

Williams' comments seemed to counter Fed Chairman Jay Powell's remarks from last week.

The jitters helped drive demand for government bonds today, pushing prices higher.

The difference in yield between the two- and 10-year US Treasury notes has narrowed sharply in recent days, raising concerns about a so-called "inversion" in which interest on short-term bonds overtakes the rate on long-term bonds.

Analysts said Tuesday's decline in stocks also reflected rising skepticism about a weekend announcement that US President Donald Trump meant to halt new tariffs on China for 90 days while the two countries work out a long-term trading deal.

Markets were also getting spooked by a flattening yield curve in United States government debt, seen by some as raising the possibility that the world's biggest economy may be heading towards a recession.

The Russell 2000 is down 52.51 points, or 3.4 percent. The contract rose 30 cents on Tuesday to close at $53.25. Brent crude, used to price worldwide oils, dropped $1.48 to $60.08 per barrel.

Related News:

  • World's First Baby Born From Deceased Donor's Transplanted Uterus

    World's First Baby Born From Deceased Donor's Transplanted Uterus

    Until now, the only successful uterus transplants have involved living donors who are typically family members of the recipients. Upon encountering a suitable candidate and donor, doctors must act quickly to remove the uterus and transport it to the patient.
    Spider-Man: Far From Home's Jake Gyllenhaal Confirms He's Playing Mysterio

    Spider-Man: Far From Home's Jake Gyllenhaal Confirms He's Playing Mysterio

    A special effects expert, Quentin Beck used his talents to create elaborate illusions to commit crimes and to fight Spider-Man. Quite an odd villain, Mysterio relies on more of a smoke and mirrors approach in trying to defeat his spider-nemesis.
    Presidential funeral train will be first in nearly 50 years

    Presidential funeral train will be first in nearly 50 years

    A former Kuwaiti military officer waited five hours in line outside a Houston church just so he could thank and honor George H.W. According to Bush spokesman Jim McGrath, the funeral train has been part of the official planning of his funeral for years.
  • Rapid Test for Cancer Developed by Researchers

    Even better, the test works on circulating free DNA, molecular fragments that drift through easily obtained body fluids. It is created to detect cancer from blood or biopsy tissue by analysing methyl group changes at the genomic level.
    Sandra Oh, Andy Samberg to co-host Globes

    Sandra Oh, Andy Samberg to co-host Globes

    And that run of odd bedfellows is set to continue in 2019, thanks to newly tapped hosting pair Andy Samberg and Sandra Oh . He was the 2015 Emmy Awards host, while Oh is a newcomer to handling emcee duties for a major ceremony.
    France abandons petrol price hikes in response to violent protests

    France abandons petrol price hikes in response to violent protests

    One of the demands from the protesters, who are mostly from rural or small-town France, is a repeal of Mr. One student was injured during protests at a high school in Saint-Jean-de-Braye in north-central France.
  • Ubisoft teases next Far Cry game

    Ubisoft teases next Far Cry game

    Because of this, it seems likely that whatever this new game is for will be an entirely separate experience rather than just DLC for FC5.
    Unai Emery reveals match for Laurent Koscielny's return

    Unai Emery reveals match for Laurent Koscielny's return

    The French striker was joined in the replies by teammates Pierre-Emerick Aubameyang and Henrikh Mkhitaryan. The otherwise impressive Rojo gave possession away under pressure and Lacazette broke through the middle.
    SpaceX Falcon 9 rocket lands in ocean after successful cargo launch

    SpaceX Falcon 9 rocket lands in ocean after successful cargo launch

    But in this case, nothing that'd be considered critical to NASA's mission - only SpaceX's convenience - seems to have gone wrong. Meanwhile, Musk tweeted that the problem was that a "grid fin hydraulic pump stalled, so Falcon landed just out to sea".
  • President George H.W. Bush’s Service Dog ‘Sully’ Salutes Companion At Capitol

    President George H.W. Bush’s Service Dog ‘Sully’ Salutes Companion At Capitol

    Bush Tuesday, after stealing the show during the Monday's ceremonies honoring the president. Courts across Maryland will also be closed on Wednesday in honor of the former President.
    Federal offices to close for national day of mourning

    Federal offices to close for national day of mourning

    President Donald Trump did not attend, but he and first lady Melania Trump came to the Capitol later on Monday to pay tribute. Vice President Mike Pence said "President Bush was a great leader who made a great difference in the life of this nation".
    Trudeau told Saudi prince 'better answers' are needed on Khashoggi killing

    Trudeau told Saudi prince 'better answers' are needed on Khashoggi killing

    Both advisors were dismissed amid the fallout from the killing of Washington Post columnist Jamal Khashoggi . Saudi Arabia has detained 21 people and says it is seeking the death penalty for five .


Most liked

The Game Awards 2018
If you have not yet voted on your favorite games, there is still time (as of this writing) to do so at The Game Awards website . The embedded YouTube video above is a full 4K stream, ensuring you can get every new trailer in high-resolution goodness.

May indicates MPs could decide if Northern Ireland backstop is triggered
Labour have since accused the Prime Minister of "running scared" stating Jeremy Corbyn would "relish the opportunity". A government bid to find a compromise to win over rebels before the Commons Brexit vote has run into criticism.

HBO drops first teaser of Season 8
The teaser was first shown at a " Game of Thrones " panel at Comic Con Experience (CCXP) in Brazil . The 39-second animated clip shows ice and fire sweeping over a map of Westeros.

India battles back to survive day one after top order goes cheaply
Pujara was himself run out while trying to steal a single, but not before he had made sure the bowlers had something to bowl at. Opener KL Rahul, who has been struggling for runs, flopped again, caught by Aaron Finch at third slip off Hazlewood for two.

Trump to name Heather Nauert as United Nations ambassador tomorrow, reports say
Nauert joined the State Department previous year after a career as a television anchor and correspondent at Fox News. Nauert would replace Haley, who announced in October that she would be departing her position as U.S.

OH father's punishment of bully daughter prompts outrage, accolades
The Ohio father shared video of her punishment as he slowly followed her inside his auto , as she walked in 36-degree weather. Cox refers to her as a "lovely lady" who was kicked off the school bus for bullying another student - again.

Dow plunges 700 points after arrest of Chinese tech exec
The arrest, understood to have happened on December 1, is related to alleged violations of USA sanctions, according to reports. It's hard to overstate the size and importance of Huawei both within and outside of China, and how shocking this arrest is.

China demands Canada release Huawei executive arrested in Vancouver
David Mulroney, a former Canadian ambassador to China, said US and Canadian business executives could face reprisals in China. A spokeswoman for Canadian Prime Minister Justin Trudeau referred questions to the country's justice department.

Meghan Markle donned pink cashmere coat for King's College London
During her royal tour of Fiji with husband Prince Harry in October, the Suits alum delivered a speech about women's education. Pregnant Meghan , 37, made an unannounced visit to King's College London yesterday, pictured.

Kim Kardashian 'doesn't know' if Kylie Jenner secretly Wednesday Travis Scott
It was recently reported that Kylie Jenner was extremely disturbed by the Travis Scott's lookalike who pulled the cheating hoax. Taking to his Instagram Stories, he wrote: "Trolls always wanna create some fake s**t to destroy real love".

'Extremely rare blood' donations needed to save 2-year-old Florida girl
All donations for Zainab must be coordinated with OneBlood in advance to ensure the additional compatibility testing is performed. Complicating the matter: She has a rare blood type and finding a match for life-saving transfusions is a huge challenge.

Shocking article says Priyanka's love marriage is 'scam'
One of the reasons that Priyanka climbed up the list on Thursday is because she added Nick Jonas' surname to hers on Instagram . The publication faced widespread criticism by Bollywood celebrities and fans on social media.

Allo, goodbye: Google is killing off the messaging app
Moreover, the American-tech giant had also lost its Allo lead - Amit Fulay to Facebook earlier this year in January. He says that Hangouts is not going to be killed, at least not for all, but Allo is definitely dying.

Huawei Nova 4 with display hole shows up in hands-on images
Samsung will launch its first phone with an in-display camera on December 10 , according to an official teaser. Samsung's Galaxy A8 also boasts similar features, of course, with inclusion of Infinity-O display.

Police arrest dozens of suspected mobsters in global operation
The European police agency Europol said it was a "decisive hit against one of the most powerful Italian criminal networks in the world".