The world market seems intent on heading toward a relatively grim future, as European markets fell fast and U.S. crude futures plunged anew during early trading on Thursday in what is seen by analysts as the global economy's reaction to Federal Reserve boss Janet Yellen's recent announcement. Yellen's warned about future market challenges and the overall weak health of the global economy, according to the Business Recorder.
During early trading on Thursday, European markets were hit hard, with London falling more than 2 percent, Frankfurt falling more than 3 percent and Paris plunging by as much as 4 percent.
U.S. crude futures did not fare any better either with the market going down by almost 3 percent, putting the price of crude oil per barrel back below the $27 level, reports CNN Money.
Due to the recent market headwinds, a significant number of investors have started to acquire assets such as gold and bonds, which are widely considered by analysts as safe havens despite a weakening global economy.
Yellen's announcement did not just strike Europe and the U.S. crude oil market, however, as several Asian markets also experienced the aftereffects of the Federal Reserve chief's announcement, reports the Associated Press through Yahoo! News.
Hong Kong's Hang Seng, for one, closed down 3.8 percent on its first day of trading since the country's market closed down for the Chinese New Year celebration.
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