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Global stocks plunge after Wall Street bloodbath

Global stocks plunge after Wall Street bloodbath

USA stocks shot higher in afternoon trading as the market looks to recover from its biggest loss in 6 ½ years.

Toyota, which is to announce earnings later Tuesday, was down 3.14 percent at 7,265 yen while Canon fell 3.15 percent to 4,112 yen.

On the flip side, Japan Tobacco is losing more than 3 percent, Mitsui Engineering & Shipbuilding is lower by more than 2 percent and Marubeni Corp.is down more than 1 percent.

Monday's drop was bad, but there were worse days during the financial crisis, including a 777-point plunge in the Dow in September 2008 that was equivalent to seven per cent, far bigger than Monday's decline.

Investors took heart from the Dow Jones industrial average's surge of 567.02 points, or 2.32 percent, to end at 24,912.77 on the New York Stock Exchange on Tuesday, brokers said.

On the oil market, the futures on USA light crude rose by 0.8% to 63.90 United States dollars per barrel after declining by more than 1% in the previous session.

The market turmoil began early last week but has now intensified.

A 10 per cent drop from a peak is referred to on Wall Street as a "correction".

But within minutes, a fierce battle appeared to be playing out between those betting on further declines and those who thought that the market correction had gone too far, leading to some wild price gyrations.

The S&P 500 has fallen 7.8 per cent since it set its latest record high on January 26. SoftBank Group's shares are up nearly 4 percent.

It was a steep spike in yields last Friday that sparked the initial rout on Wall Street, forcing sales by a host of highly leveraged funds, which ramped up volatility and drove yet more selling.

"People were positioned for more central bank easing or continued central bank easing, low rates, and importantly, low volatility", he said. "The favourable conditions that have underpinned the stock market rally over the past year remain largely intact at this time - the global expansion continues and corporate earnings remain in acceleration mode". The contract fell 76 cents to $63.39 on Tuesday. The Benchmark finished the trade with a 0.16% increase to 21,645.37 points, with investors cautious after the previous session.

Most other regional share benchmarks gave up between 2 percent to 4 percent.

European shares also tumbled, with Germany's Dax hitting a 4-month low.

The Standard & Poor's 500 index was down 8 points, or 0.3 percent, at 2,639.

The euro was a touch firmer at $1.2390, while the dollar was barely changed against a basket of currencies to 89.556.

At its lowest ebb during Monday's roller-coaster trading on Wall Street, the Dow had lost 1,597 points. That was its biggest loss since August 2011, when stocks were reeling as investors fretted over European government debt and the U.S. credit rating was downgraded after the debt ceiling impasse.

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