>> Hundreds of billions of dollars were lost from global markets on Thursday as a steep selloff on Wall Street led by tech stocks spread around the globe. In Europe, markets opened down with the FTSE dropping 1%percent. Earlier in Asia, Japans Nikkei fell more than 3% to it's lowest in six months.
Chinese shares were hammered too. Fresh market stimulus from Beijing did little to comfort investors and stem the sell off tide. And it's all come off the back of the worst day on the NASDAQ for seven years, plunging more than 4%, Facebook, Amazon, and Netflix all closed down. Reuters' Swati Pandey is following the market plunge.
>> US stocks have been the star performer globally. That has largely been led by strong cooperate earnings in the past few quarters, as well as solid growth, and falling unemployment numbers in the United States. Investors are now getting increasingly worried about whether this growth momentum can continue. If that were to materialize, it is going to have a big impact on Asia which is already struggling a bit.
>> Those aren't the only factors fueling investor anxiety. The falls on Wall Street came amid fears over the impact of the US-China trade war. And the range of what's driving the decline may point to more of a trend than a one off.>> We have already seen stock market correction in the past few months.
NASDAQ has erased all of its 2018 gains as has Nikkei and some other major indices for 2018. A lot of them are actually giving negative returns including the MSCI Index for Asia ex Japan. A lot of analysts have now come out to call the start of a bear market, or the end of the bull market.
>> One recent study from Bank of America Merrill Lynch found over half of some 2,700 stocks on the MSCI Global Index are now in bear territory.