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World markets fall on growth concerns

Thursday, September 20 16:21:26

Shares around the world fell today along with the euro, after weak data from China and the euro zone and signs of a struggling U.S. economy underlined worries about global economic growth.

Crude oil rose modestly after three steep days of losses, though it remains almost 7 percent on the week on concerns about demand prospects going forward.

While the U.S. manufacturing sector managed to continue growing in September, it still suffered its weakest quarter in three years, data on Thursday showed. A separate report showed fac tory activity in the U.S. mid-Atlantic region shrank for the fifth month in a row in September, th ough the rate of contraction was n ot as severe as in prior months.

"The reality of slowing economic and earnings growth that was swept under the rug for a few months pops back out again over the next month," Peter Boockvar, equity strategist and portfolio manager at Miller Tabak in New York said in a note. World shares and other risk markets have lost momentum this week with investors taking stock after the central banks of the United States, Japan and euro zone outlined plans for economic stimulus, driving a near 17 percent rise in the MNSI global index since June. U.S. stocks fell sharply in early trading, tracking the downbeat mood in Europe and Asia.

The Dow Jones industrial average was down 27.49 points, or 0.20 percent, at 13,550.47. The Standard and Poor's 500 Index was down 5.00 points, or 0.34 percent, at 1,456.05. The Nasdaq Composite Index was down 13.24 points, or 0.42 percent, at 3,169.38.