Overseas Trading: Global Stocks Slump as G-20 Fails to Inspire

Global stocks are mostly lower after the G-20 meetings failed to produce any coordinated stimulus plans

Feb 29, 2016 at 8:41 AM

Stocks in Asia closed lower today, as the weekend's Group of 20 (G-20) meeting in Shanghai concluded without any major plans for coordinated global stimulus efforts. China's Shanghai Composite dipped nearly 5% in intraday trading as the yuan backpedaled to a three-week low, but pared its losses to close down 2.9%. Japan's Nikkei erased early gains to drop 1%, as a rising safe-haven bid for the yen weighed on exporters. Meanwhile, South Korea's Kospi shed 0.2%, while Hong Kong's Hang Seng gave up 1.3%.

European markets are also mostly lower at midday, pressured by post-G-20 disappointment. However, stocks have pared their losses after the People's Bank of China (PBOC) cut its reserve requirement ratio for lenders. At last check, London's FTSE 100 is down 0.2%, while France's CAC 40 is off 0.05%, and the German DAX is 1.1% lower.

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