The global financial market has again fluctuated over international political instability and a predicted economic slowdown in China.
 
The Dow Jones Industrial Average in New York lost one-point-47 percent on Wednesday from the previous session, which was as steep as China’s stock market plunge on January 4.
 
European bourses also closed weaker. In London, the FTSE 100 Index slid one percent while the Frankfurt DAX 30 Index shed zero-point-nine percent in Germany.
 
Market observers say that the stock falls are mainly attributable to lower oil prices amid the diplomatic standoff between Iran and Saudi Arabia.
 
Brent crude on London's ICE futures exchange dropped six percent to 34-point-24 U.S. dollars a barrel, the lowest point in 12 years.
 
On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude oil closed at 33-point-97 dollars per barrel, posting a seven-year low.
 
Analysts say that investors’ jitters were further fanned by North Korea’s hydrogen bomb test announcement and China’s economic slowdown.
 
In contrast, prices of state bonds issued by major countries posted a gain, while the price of gold, which is considered a safe haven asset, rose one-point-three percent to reach the highest point in two months.