Steep falls in Chinese equities pum

Steep falls in Chinese equities pummeled global markets on Thursday, as widening concerns over the world's No. 2 economy pushed investors out of stocks, oil and metals, intensifying markets' turbulent start to the year.
U.S. stocks followed other markets lower. The Dow Jones Industrial Average fell 198 points, or 1.2%, to 16709 shortly after the open. The S&P 500 dropped 1.2%, and the Nasdaq Composite declined 1.6%.
The selloff came after the People's Bank of China made its largest downward adjustment to the yuan since August, sending the country's stock market down over 7% amid concerns about capital flight from the Asian giant. China said later Thursday that it would suspend its new circuit breaker mechanism that has been at the center of its stock market unrest.
Investors expect further volatility to hit global markets as they sift through Beijing's response to the turmoil for clues to the depth of the country's economic problems.
“A very large connected economy is a hard bullet to dodge for all equity markets,” said Nicholas Melhuish, head of global equities at Amundi Asset Management .
China's stock markets stopped trading after only 30 minutes, ending the shortest trading day in their history after the newly installed mechanism to limit volatility was triggered for the second time this week.
Pessimism spread quickly, with Japan's Nikkei Stock Average, Australia's S&P/ASX 200 and Hong Kong's Hang Seng Index each losing over 2%.
European stocks opened to steep losses. The Stoxx Europe 600 was down 2.4% as energy, basic resources and auto shares tumbled. Germany's export-heavy DAX lost 2.5%.
Despite the sharp declines, traders said it felt relatively calm in U.S. stock market trading.
“There‘s no panic yet from talking to clients,” said Jonathan Corpina, senior managing partner at Meridian Equity Partners. “U.S. markets are getting wrapped in with global markets, and rightfully so, but so far there isn't massive panic selling here.”
The fears about China spread to commodity markets, sending Brent crude oil down 1.7% to $33.30 a barrel amid concerns about future demand from the world's second-largest consumer of crude. U.S.-traded crude oil fell 1.8% to $33.35 a barrel. Base metals from copper to nickel also fell.
As the price of resources tumbled, commodity-linked emerging markets took a hit. South Africa's rand fell to an all-time low of 16.22 against the dollar.
In Europe, China-exposed mining and energy sectors were leading the losses, with the sectors down 5.5% and 4.8% on the day respectively as oil prices lingered near multiyear lows.
Shares in Anglo American PLC were down 10%, ArcelorMittal SA was down 6.3% and Glencore PLC was down 6.2%.
Europe's China-exposed auto makers were also deep in the red, as the sector fell 4.5%, bringing weekly losses to nearly 12%.
In currencies, the onshore Chinese yuan broke to its lowest level since 2011 against the dollar. The euro gained 0.6% against the dollar at $1.0846, while the dollar was down 0.5% against the safe-haven yen at ¥118.0550.
As investors flee more risky assets, so-called safe-haven investments have gained. Gold was up 1.1% at $1,103.40 an ounce. U.S. 10-year Treasury yields were down at 2.165%. Germany's 10-year yield was 0.03 percentage point lower at 0.480%-a one month low. Yields fall as prices rise.
The first week of trading of the year has been dominated by China, after markets opened on Monday to a weaker yuan and lackluster manufacturing data. A 7% slide in Chinese stocks that day, prompting authorities to halt trading, sent ripples throughout global markets.
“The interpretation is that the currency market manipulation tells you the economy is doing worse than expected,” said Johan Javeus, chief strategist at SEB Group. “Maybe growth is slowing faster, and that's something we're concerned about outside China.”
Analysts are also concerned that a devaluation of the yuan will push neighboring countries to lower their currencies, dampening Chinese demand for imports and further hurting confidence in the country's economy.
Investors spent Thursday debating whether the falls in Chinese markets- which haven't always acted as an accurate proxy for the underling economy-will continue and lead to further losses in global markets.
Some investors shrugged off the Chinese declines, saying they were likely magnified by the threat of an expiring ban on selling by large shareholders.
“Investors should bear in mind that the China equity falls are more correlated with short-term psychological factors rather than the underlying China economic conditions,” Ben Luk, a global market strategist at J.P. Morgan Asset Management, wrote in a note.
Thursday's Asian declines followed steep losses on Wall Street, where weaker oil prices and fears around China sent the Dow industrials to a three-month low.
U.S. investors also grappled with the latest minutes from the Federal Reserve's December policy meeting, released Wednesday, after officials moved to raise benchmark interest rates for the first time in nearly a decade.

The minutes revealed some concern among Fed officials that inflation would linger below their 2% objective.
“For people who've come back to work from the holidays, we've just had a reality check,” saidAlastair George, chief strategist at Edison Investment Research. With the U.S. central bank looking to tighten policy, high valuations for stocks, and further downgrades to growth to come from globally exposed sectors, “It's not exactly an environment in which people want to take on risk,” he said.
Adding to doubts, the World Bank on Wednesday cut its growth forecasts for the third straight year, pointing to a worsening outlook for emerging markets.
Amundi's Mr. Melhuish said he expects a tough first half of the year with a lot of volatility. Many of the issues that plagued global equity markets last year, including shifts in the Chinese economy, trouble in emerging markets and a slowly tightening Federal Reserve, have already surfaced in the first sessions of the year.
“It could be quite a volatile year with a lot of issues lingering from last year brought to the fore in the first week,” Mr. Melhuish said.

Kết quả (Việt) 1:

Dốc falls trong Trung Quốc cổ phần trượt giá thảm hại thị trường toàn cầu ngày thứ năm là mở rộng mối quan tâm trong kinh tế của thế giới số 2 đẩy nhà đầu tư ra khỏi cổ phiếu, dầu và kim loại, tăng cường thị trường hỗn loạn bắt đầu năm.Chứng khoán Mỹ theo sau các thị trường khác thấp hơn. Công nghiệp Dow Jones trung bình đã giảm 198 điểm, hay 1,2%, với 16709 ngay sau khi mở. S & P 500 1,2% giảm xuống, và Nasdaq Composite đã từ chối 1,6%.Selloff đến sau khi ngân hàng Trung Quốc của người dân thực hiện điều chỉnh xuống lớn nhất để nhân dân tệ kể từ tháng tám, gửi thị trường chứng khoán của đất nước xuống hơn 7% giữa những mối quan tâm về thủ đô chuyến bay từ Châu á khổng lồ. Trung Quốc cho biết sau này thứ năm rằng nó sẽ đình chỉ cơ chế circuit breaker mới đã được ở trung tâm của tình trạng bất ổn thị trường chứng khoán của nó.Nhà đầu tư mong đợi tiếp tục bay hơi để đạt thị trường toàn cầu như họ sift thông qua của Bắc Kinh để đáp ứng với các rối loạn các manh mối để chiều sâu của vấn đề kinh tế của đất nước."Một nền kinh tế kết nối rất lớn là một viên đạn cứng để tránh cho tất cả thị trường chứng khoán," ông Nicholas Melhuish, đầu của các chứng khoán toàn cầu tại quản lý tài sản Amundi.Thị trường chứng khoán của Trung Quốc đã ngừng kinh doanh sau chỉ 30 phút, kết thúc giao dịch ngày ngắn nhất trong lịch sử của họ sau khi cơ chế mới được cài đặt để hạn chế biến động được kích hoạt lần thứ hai trong tuần này.Bi quan lây lan nhanh chóng, với của Nhật bản Nikkei cổ Trung bình, Úc của S & P/ASX 200 và Hong Kong Hang Seng Index mỗi mất hơn 2%.Châu Âu chứng khoán mở cửa cho dốc thiệt hại. Châu Âu Stoxx 600 đã xuống 2,4% như năng lượng, cơ bản tài nguyên và chia sẻ tự động giảm. Đức của xuất khẩu nặng DAX mất 2,5%.Mặc dù từ chối sắc nét, thương nhân nói rằng nó cảm thấy tương đối bình tĩnh trong Hoa Kỳ thị trường chứng khoán kinh doanh."Có không hoảng loạn được từ nói chuyện với khách hàng,", ông Jonathan Corpina, cao cấp quản lý đối tác tại Meridian Equity Partners. "Thị trường Hoa Kỳ được nhận được gói với thị trường toàn cầu, và rightfully như vậy, nhưng cho đến nay không có lớn hoảng loạn bán ở đây."Những lo ngại về Trung Quốc lây lan sang thị trường hàng hóa, gửi Brent dầu thô xuống 1,7% đến $33.30 thùng trong bối cảnh mối quan tâm về nhu cầu trong tương lai từ người tiêu dùng lớn thứ hai thế giới thô. Dầu thô giao dịch U.S. đã giảm 1,8% đến $33.35 một thùng. Kim loại cơ bản từ đồng để niken cũng giảm.Như giá cả các nguồn lực giảm, liên kết với hàng hóa thị trường mới nổi đã lấy một hit. Rand của Nam Phi đã giảm đến mức thấp của 16.22 chống lại đồng đô la.Ở châu Âu, tiếp xúc với Trung Quốc khai thác mỏ và năng lượng ngành đã dẫn đầu những thiệt hại, với các lĩnh vực xuống 5,5% và 4,8% vào ngày tương ứng như giá dầu lingered gần multiyear thấp.Cổ phần trong Anh Mỹ PLC đã giảm 10%, ArcelorMittal SA đã xuống 6,3% và Glencore PLC đã xuống 6,2%.Các nhà sản xuất Trung Quốc tiếp xúc tự động của châu Âu cũng đã được sâu trong màu đỏ, như các lĩnh vực giảm 4.5%, đưa lượt thiệt hại đến gần 12%.In currencies, the onshore Chinese yuan broke to its lowest level since 2011 against the dollar. The euro gained 0.6% against the dollar at $1.0846, while the dollar was down 0.5% against the safe-haven yen at ¥118.0550.As investors flee more risky assets, so-called safe-haven investments have gained. Gold was up 1.1% at $1,103.40 an ounce. U.S. 10-year Treasury yields were down at 2.165%. Germany's 10-year yield was 0.03 percentage point lower at 0.480%-a one month low. Yields fall as prices rise.The first week of trading of the year has been dominated by China, after markets opened on Monday to a weaker yuan and lackluster manufacturing data. A 7% slide in Chinese stocks that day, prompting authorities to halt trading, sent ripples throughout global markets.“The interpretation is that the currency market manipulation tells you the economy is doing worse than expected,” said Johan Javeus, chief strategist at SEB Group. “Maybe growth is slowing faster, and that's something we're concerned about outside China.”Analysts are also concerned that a devaluation of the yuan will push neighboring countries to lower their currencies, dampening Chinese demand for imports and further hurting confidence in the country's economy.Investors spent Thursday debating whether the falls in Chinese markets- which haven't always acted as an accurate proxy for the underling economy-will continue and lead to further losses in global markets.Some investors shrugged off the Chinese declines, saying they were likely magnified by the threat of an expiring ban on selling by large shareholders.“Investors should bear in mind that the China equity falls are more correlated with short-term psychological factors rather than the underlying China economic conditions,” Ben Luk, a global market strategist at J.P. Morgan Asset Management, wrote in a note.Thursday's Asian declines followed steep losses on Wall Street, where weaker oil prices and fears around China sent the Dow industrials to a three-month low.U.S. investors also grappled with the latest minutes from the Federal Reserve's December policy meeting, released Wednesday, after officials moved to raise benchmark interest rates for the first time in nearly a decade.The minutes revealed some concern among Fed officials that inflation would linger below their 2% objective.“For people who've come back to work from the holidays, we've just had a reality check,” saidAlastair George, chief strategist at Edison Investment Research. With the U.S. central bank looking to tighten policy, high valuations for stocks, and further downgrades to growth to come from globally exposed sectors, “It's not exactly an environment in which people want to take on risk,” he said.Adding to doubts, the World Bank on Wednesday cut its growth forecasts for the third straight year, pointing to a worsening outlook for emerging markets.Amundi's Mr. Melhuish said he expects a tough first half of the year with a lot of volatility. Many of the issues that plagued global equity markets last year, including shifts in the Chinese economy, trouble in emerging markets and a slowly tightening Federal Reserve, have already surfaced in the first sessions of the year.
“It could be quite a volatile year with a lot of issues lingering from last year brought to the fore in the first week,” Mr. Melhuish said.