Trang Ho for Investor’s Business Daily reports that similar to the U.S. indexes, most bounced back after hitting new lows and closed in the middle of intraday trading prices, after Tuesday’s emergency 75 basis-point cut.
The iShares benchmark combines 820 stocks from around the world, including the United States, Australia, and developed markets in Europe and Asia, undermined its August 2007 low. It ended at $69.48, 21% below its all-time high from mid-July.
Meanwhile, Germany’s DAX Index was down 7.2% and was the most heavily sold off in all of Europe. iShares MSCI Germany (EWG) fell 10.5% to settle at 6.3%, closing at $30.20. It fell below the 200-day moving average, undoing all the progress of the past 10 months. On Wednesday, EWG lost another 1.9%.
iShares MSCI Xinhua/China 25 Index (FXI) fell 7.93% to 144.50. It is 34% below its October high and is at a six-month low. On Wednesday, the fund reversed itself and rose 5.3%.
International sector funds have been hit as well, with utilities, basic materials and and energy falling the most.
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