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Global shares drop for fourth day Global shares drop for fourth day
(about 3 hours later)
Global shares have fallen for a fourth day, though the sharp slump that spooked markets at the start of the week seemed to be running out of steam.Global shares have fallen for a fourth day, though the sharp slump that spooked markets at the start of the week seemed to be running out of steam.
US markets slid, with the Dow Jones down 0.2%, after consumer confidence figures disappointed the market. The S&P and Nasdaq were little changed. US markets slid, with the Dow Jones down 0.5%, after consumer confidence figures disappointed the market. The S&P 500 and Nasdaq lost about 1%.
Earlier in the day, European and Asian markets had declined, driven lower by concerns that prices were overvalued.Earlier in the day, European and Asian markets had declined, driven lower by concerns that prices were overvalued.
But, there have been signs of a rebound - with the UK's FTSE 100 inching ahead. The UK's FTSE 100 index, while little changed on Friday, lost 5% this week.
'Very edgy''Very edgy'
Analysts said stocks had been due a correction, adding that the question now was by how much and how long it would continue.Analysts said stocks had been due a correction, adding that the question now was by how much and how long it would continue.
This week's sell-off was sparked by fears of a new tax in China on Tuesday, and then spread to broader global economic issues.This week's sell-off was sparked by fears of a new tax in China on Tuesday, and then spread to broader global economic issues.
Some market participants have raised the threat of a recession in the US, but many observers feel that this view is too extreme.Some market participants have raised the threat of a recession in the US, but many observers feel that this view is too extreme.
Instead, they are focusing on shorter-term issues such as currency fluctuations and inflation, and how they will impact on corporate earnings, experts said.Instead, they are focusing on shorter-term issues such as currency fluctuations and inflation, and how they will impact on corporate earnings, experts said.
"Everyone remains very edgy," one trader told Reuters."Everyone remains very edgy," one trader told Reuters.
The UK's FTSE added 0.1%, while in Germany the Dax index lost 0.6% and the French Cac 40 shed 0.6%. The UK's FTSE added 0.2 point to close at 6,116.2. In Germany, the Dax index lost 0.6%, and in France the Cac 40 shed 0.6%.
'Irrational''Irrational'
Asian markets also gave a mixed picture. The Singapore Straits Times Index lost 0.6% while Australian shares fell 0.4%. Asian markets also gave a slightly mixed picture. The Singapore Straits Times Index lost 0.6% while Australian shares fell 0.4%.
"The market has been performing a bit irrationally in recent sessions amid sharp fluctuations," said Chen Huiqin, an analyst at Huatai Securities."The market has been performing a bit irrationally in recent sessions amid sharp fluctuations," said Chen Huiqin, an analyst at Huatai Securities.
In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.
But shares in Hong Kong traded higher, with the Hang Seng index rising 0.3%.But shares in Hong Kong traded higher, with the Hang Seng index rising 0.3%.