As leaders gathered in Davos, FTSE 100 was gripped by panic selling and entered bear market with Dow Jones also plunging Fears that the global economy could be heading for a repeat of the 2008 financial crash have sent shockwaves through financial markets prompting a rush to safe havens by investors. Oil prices fell to a fresh 12-year low on Wednesday and metal prices tumbled in response to warnings that Chinas slowdown could derail the global recovery at a time when central banks, which came to the rescue in the credit crunch, have only limited firepower. As world and business leaders gathered for thetwo-thirds of chief executives saw more threats facing their businesses than three years ago. And the head of the Swiss banking giant UBS, Axel Weber, turned the screw by warning that the world wasadvised clients to sell everything except the safest high grade bonds after warning of a cataclysmic year and the strong likelihood of a stock market crash. His comments came after the chancellor, George Osborne, warned in a new year speech of aAnglo American, the iron ore, copper and diamond miner, lost more than 7%, falling to 221p. Less than four years ago they were valued at more than 34. Read more:http://www.theguardian.com/business/2016/jan/20/investors-run-cover-repeatof-2008-financial-crash-davos-bear-markets
Fears grow of repeat of 2008 financial crash as investors run for cover
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