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World Markets Fall

Global equities slipped to a two-week low on Friday as a sell-off on Wall Street led by technology and biotech shares and triggered by concerns that valuations are over stretched spread to Asia and Europe.The MSCI All-Country World index .MIWD00000PUS fell 0.4 percent by 0759 GMT to a two-week low, while the MSCI Europe .MIEU00000PUS index dropped 0.8 percent. That followed a 3.1 percent slide in the tech-heavy U.S. Nasdaq index .IXIC on Thursday and a 2.4 percent decline in Japan's Nikkei Average .N225 on Friday.What increasingly looks like a major portfolio shift from momentum plays in U.S. technology and biotechnology stocks was having a knock-on effect across all regions and sectors, pressuring even defensive shares.Momentum investing involves buying stocks that are already trending higher, often taking their price/earnings ratios into the stratosphere. When the momentum turns, prices can fall rapidly as investors rush to the exits."The sell-off is the result of increasing concerns...

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