The global stock market reversal resumed on Thursday as a number of global equity indices edged closer to correction territory - a fall of 10% from the most recent peak.
High trading volumes continued as investors increasingly sold down their exposure to volatile stock markets.
While US markets reversed early gains to finish lower overnight, the losses were mild with the S&P 500 ending just 0.5% lower. However, its cumulative losses since its most recent cyclical peak extended to 6.65% on Wednesday and futures markets indicated opening losses on Thursday.
In Europe, early gains were reversed to push the EuroStoxx 50 index 0.97% lower, while London's FTSE 100 shed 0.58% and Frankfurt's Xetra Dax shed 1.1%.
Asian stocks got away with mixed results on Thursday: most notably the Nikkei 225, which is among the closest to entering correction territory, managed a 1.13% gain.
Not quite a correction
Here's how some of the major global indices now stand regarding cumulative losses after more than a week of market turbulence:
- EuroStoxx 50 down 6.75%
- FTSE 100 down 6.96%
- S&P 500 is down 6.65%
- Nikkei is down 9.25%
- Shanghai is down 8.32%
- Dax is down 8.11%
As can be seen, among the major indices, the Nikkei, with cumulative losses of 9.25% was the closest to entering official correction territory.