London — Europe attempted a rebound on Thursday after Wall Street’s worst day since 2011 and heavy losses in Asia put global stocks firmly on course for their worst month since the financial crisis. It wasn’t a sunny picture by any means. Germany’s DAX 30 hit a near two-year low and London’s FTSE 100 and Paris’s CAC 40 both brushed one-and-a-half-year lows early on, but a semblance of stability is emerging. The pan-European STOXX 600 was almost back at level-pegging having opened down almost 1% and after Japan’s Nikkei had slumped 3.5% overnight. Currency dealers were also cautiously reversing out of Swiss franc and yen safety trades and Italian and Spanish bonds made ground as traders waited to see what message the European Central Bank (ECB) delivers at its meeting later. “The markets have been acting like classic flight-to-safety markets,” said London & Capital’s head of fixed income Sanjay Joshi, pointing to the slump in stocks and rally in safer bonds and currencies. “The worst...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.