21 August 2015
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Currency and equity markets from Hong Kong to Johannesburg and London were already faltering. Then U.S. stocks joined in. The stresses that have been building in global markets roared ashore in America on Thursday as the Standard & Poor’s 500 Index tumbled the most in 18 months and helped send the MSCI All-Country World Index to the lowest since January. Until now, the S&P 500 had traded in a narrow range even as China’s slowdown, Greece’s debt crisis and a plunge in emerging-market currencies roiled other markets. The Chicago Board Options Exchange Volatility Index soared 49 percent this week with one trading day remaining. By Adam Haigh (Bloomberg).