NEW YORK (dpa-AFX) – On Friday, the US stock exchanges will continue their losses of the past few days. Investors fear further rate hikes by the US Federal Reserve and are watching the economy in China and the real estate crisis escalating there with growing concern.
The Dow Jones Industrial (Dow Jones 30 Industrial) was down 0.25 percent in early trade to 34,388.71 points. The market-wide S&P 500 fell 0.43 percent to 4351.49 points. The NASDAQ 100, which is characterized by technology stocks, lost 0.73 percent to 14,608.39 points. Weekly losses of between 2.6 and 2.9 percent are thus emerging for the three major price barometers.
According to portfolio manager Thomas Altmann from QC-Partners, China in particular is a cause for concern. “The weak Chinese economy and the real estate crisis are increasingly weighing on stock markets around the world,” he said. The big new concern is that the heavily indebted Chinese real estate group Evergrande (China Evergrande Group) has filed for bankruptcy protection in the United States./tih/he
