World markets tumble on Egyptian turmoil, Portuguese uncertainty
Asian and European markets tumbled Wednesday on fears of continued Egyptian political unrest and uncertainty over the fate of the Portuguese ruling coalition.
Global oil prices hit a 14-month high, with the light sweet crude traded in New York topping $102 a barrel. Investors worried that the crisis in Egypt could affect Middle East oil shipments through the Suez Canal, a key transit point.
Hong Kong’s Hang Seng index plunged 2.5 percent, while markets in London, Frankfurt and Paris were all down more than 1 percent in afternoon trading. U.S. shares were off slightly as trading opened in New York.
For the full story, please click here
(Photo: Darren Deans/sxc.hu)
