Russian Stock Market in Danger After China Tumbledown
Russian stock market is the next in line on Wednesday, Feb. 28, to undergo the test of what’s worth. After Chinese stock market dropped by 9 percent on Tuesday, the suit was followed by the DJIA in the U.S. and by the European stock markets. Mainland Chinese shares kicked off the carnage, falling nearly 9 per cent amid fears that the authorities were planning a crackdown to cool the market’s exuberance. Traders saw the drop partly as a symptom of broader concerns over global valuations.
U.S. stock indexes on Tuesday suffered their steepest drop since markets reopened following September, as global investors fled risky assets after the biggest fall in Chinese shares for a decade. The Dow Jones Industrial Average was down by more than 500 points at one point on Tuesday afternoon as worries about the US subprime mortgage market and a warning from Alan Greenspan, former chairman of the Federal Reserve, about a possible US recession punctured recent market optimism. European stock markets also sold off, as did higher-risk debt markets.
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