Global stocks have dropped over growth concerns, as recently released data confirmed that the eurozone appears to be headed into recession.
On Tuesday, US stocks opened sharply slower with the Dow Jones Industrial Average down by 153.97 points (1.19 percent) to 12,808.84 in the first minutes of New York trade.
The S&P; 500 also fell by14.91 points (1.09 percent) to 1,349.42. The Nasdaq Composite dropped 29.95 points (1.02 percent) to 2,920.53.
Bank and materials shares also plunged in early hours.
Hong Kong shares also lost over two percent, making it the biggest loss in almost three months.
This is while European shares also hit a one-week low and witnessed a drop by more than one percent.
The French stock market’s CAC-40 index also lost more than three percent in late trading.
Although experts believe the concerns are growing over weak European and Chinese data and the global economic outlook, the looming deadline for a Greek debt deal has also exacerbated the market.
The European Union (EU) confirmed that the eurozone economy shrank by 0.3 percent in the fourth quarter last year.
SZH/JR/IS
