The Nikkei 225 Stock Average slid below the key 20,000 level for the first time since September 2017, as a global equity rout continued unabated in the last week of the year, with renewed turmoil in Washington rattling investors. The yen and Japanese bonds rallied. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00Hello and welcome to Gulf News Daily Business Wrap-Up.
00:05This is Desh Anand taking stories that are making headlines today.
00:08It has been not a very merry Christmas for markets so far in December.
00:12The Japan's Nikkei tumbled more than 6 percent in trading on Tuesday after U.S. markets declined
00:21nearly 3 percent overnight.
00:23Remember that U.S. markets have been falling because of concerns over growth.
00:29More than expected hike in interest rates as well as impact from the trade war.
00:35The market's carnage has added one other dimension to the story.
00:38Now it's from politics.
00:40Apparently Donald Trump, the U.S. President, wants to sack Stephen Mnuchin, the Treasury
00:45Secretary, making him the scapegoat for this market carnage.
00:50Remember that the Secretary was assuring investors that President Trump doesn't have the powers
00:55to sack Fed Chief Jerome Powell.
00:59Nissan Motors has asked all its employees not to get in touch or foredo any form of
01:04communication with the arrested former Chairman Carlos Ghosn and Greg Kelly.
01:09Remember that these executives were arrested on account of accounting or financial misappropriation
01:16that resulted in Japanese police arresting these top officials.
01:21That's it from me and thanks for watching.
01:23For more you can log on to gulfnews.com slash business and a merry Christmas to all.