An investor looks at an electronic stock indicator of a securities firm in Nanjing, capital of east China's Jiangsu Province, Feb. 15, 2016. (Photo: Xinhua/Su Yang)
As the year of the Monkey began after the Chinese Lunar New Year, Hong Kong Feng Shui masters forecasted a year of "Monkey Market," saying the market will be as unpredictable as the mischievous creature.
So far their prediction has stood, as the world market has undergone tumult in the past week.
World market shares slumped at the beginning of the lunar new year which fell on Feb. 8, China's sliding foreign reserves and a mixed U.S. jobs report sent European shares to 16-month lows.
Safe haven spots gold and 10-year Treasury bond both enjoyed more popularity as gold prices climbed to 1,198.70 dollars an ounce, its strongest since June 22, and bond yield dropped to an one-year low of 1.74 percent.
Things worsened Tuesday as concerns over the world economic growth rate persisted.
European shares continued to lose value while the U.S. market stayed flat. Gold and Treasury bonds remained strong, with the 10-year treasury bond yields refreshing a one-year low record set the previous day.
The losing streak ended Wednesday after U.S. Fed Chair Janet Yellen told the Congress in a testimony that she does not expect the central bank to reverse its rate hike program.
The statement injected confidence into investors by dispersing uncertainty of future U.S. monetary policies.
The market responded to Yellen's remarks positively and recovered some ground before ending largely flat.
The effect of Yellen's promise is short lived, however, as concerns of growth rates once again took center stage Thursday and pushed down world market shares.
The banking sector suffered the biggest blow, as European banks lost 6.3 percent in one day, totalling their losses to 28 percent for 2016.
Ten-year U.S. treasury bonds stayed much sought for as investors flocked to seek security, driving down yield to its lowest since 2012.
Luckily U.S. retail sales saved the day Friday, calming investors' nerves with satisfying figures.
The U.S. S&P 500 rebounded about 2 percent from the lowest level in two years it reached Thursday, but still registered a loss compared to last week.
The banking sector recovered from previous weak performance, with U.S and European banks gaining 4 percent and 5.6 percent, respectively.
U.S. stocks closed on Monday for the President's Day holiday, while Chinese markets opened with a slight dip after closing a week to celebrate the New Year.
Except for China, other markets gained on news that the Chinese Yuan strengthened more that expected, signaling China's stable policy.
Safe haven investment assets quickly lost value as investors are eager to re-direct their money to the stock market.
World market solidified their gains Tuesday as China reported a record-high lending number and U.S. consumer statistic remained solid.
Reviewing the market turbulence last week, many believe it is the result of various factors, including Japan's surprising adoption of negative interest rates, uncertainty over the prospect of interest rate hikes in the United States, plunging oil prices and concerns over the financial strength of leading banks in Europe.
