Nightly Business Report

JING ULRICH, CHAIRMAN, CHINA EQUITIES, J.P. MORGAN: We have seen this worldwide sell-off today, not just over the concern about the Chinese economy, but also just about the trajectory of growth globally going forward.

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: From questions about China`s growth to Europe`s debt problems and new worries about the U.S. consumer, investors hit the sell button.

TOM HUDSON, NIGHTLY BUSINESS REPORT ANCHOR: The Dow slides 268 points, landing well below the key 10,000 level and the S&P 500 heads to a new low for the year. You`re watching NIGHTLY BUSINESS REPORT for Tuesday, Tory burch sale June 29.

GHARIB: Good evening, everyone. Worries about global growth slammed Wall Street and investors around the globe today. And Tom, here in the U.S., stocks fell sharply after a steep drop in consumer confidence as well as new concerns about one of the world`s biggest growth stories -- China.

HUDSON: Yeah, Susie, the selling really was steep here in America. At the bell, the Dow was off 268 points. The NASDAQ fell 85 and you can see the S&P lost 33 points closing at a new low for the year. All the selling here really coming on a spike in volume, 1.6 billion shares trading hands on the big board, 2.7 billion was the pace of trading on the NASDAQ.

GHARIB: And Tom, investors were also nervous about some developments in Europe. A further drop in the euro and labor strikes in Greece and Spain, protesting austerity measures.

HUDSON: One thing that spooked investors today, a less optimistic outlook for the Chinese economy. The Conference Board`s leading economic index for China in April was revised down today to show a lower month to month gain for March. Clearly Ferragamo Shoes while the index still points higher, the gains have slowed. Jing Ulrich is the chairman of China equities and commodities with JPMorgan, named by "Fortune" magazine one of the 50 most powerful global businesswomen. She joins us from New York. Welcome to NIGHTLY BUSINESS REPORT.

JING ULRICH, CHAIRMAN, CHINA EQUITIES, J.P. MORGAN: Thank you very much.

HUDSON: Here`s what the Conference Board had to say about this lower revision today. One of its folks in Beijing said there`s no strong basis for assuming accelerating growth. Do you agree with that assessment when it comes to the China economy?

ULRICH: We actually agree with that. Growth in the Chinese economy will decelerate in the coming few quarters. As you know, in the first quarter this year, GDP growth was 11.9 percent. However, in the second half (ph) of the year, we`re expecting growth to slow down to about 9 percent. By any measure, growth is still robust, but we`re definitely seeing a decelerating trend.

HUDSON: We have seen that news hit Asian markets overnight. European stocks sold off today and clearly the additional worries about banks there. And then of course U.S. stocks and the S&P falling to a new 2010 low. So what is that sustained impact on global stocks?

ULRICH: Well, you know, the Chinese economy is becoming much more important in the global markets. China is already the third largest economy in the world. It is the single largest exporter and what`s happening in China is really affecting the rest of the world. So I think you will see this global sell-off is understandable. People are concerned, not only about China, but also about the U.S., as well as the soverReplica Watches
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