Global Equities Tumble on Economic Growth Concerns

Foreign equities fell broadly Thursday, as hesitant investors reacted to the increased sense of uncertainty currently prevailing in global markets. Asian stocks closed down more than 1% today, with Japan's Nikkei index losing 1.25% and China's Shanghai index losing 1.61%. The retreat was largely attributed to a renewed weakness in the domestic technology sector and doubts about near-term economic growth. The Japanese yen, which has showed resounding strength despite the intervention of the country's central bankers, now sits below 77 against the dollar. Europe followed Asia's weakness today, with London's FTSE index shedding more than 1.8% and Germany's DAX index dumping more than 3.2% in mid-day trade. Stop-loss triggers that led to excessive selling and automotive sector weakness were cited as contributing factors to the fall. Global markets have been especially volatile in recent weeks, as investors jockey to price assets amid an uncertain economic outlook. Bank stocks in particular have been the subject of great debate, as many still carry debt or toxic assets. Gold hasn't showed any signs of fatigue, however. The commodity is up again Thursday, with prices near $1,800 an ounce. Gold has been seen as a safe risk-free asset as investors run for cover. Crude oil fell more than 1.5% today, to below $86.50 a barrel.