Gomes: Clattenburg not clear after Nani 'handball'

Heurelho Gomes has hit out at referee Mark Clattenburg for allowing Manchester United's controversial second goal against Tottenham on Saturday.

Nani prodded the ball home after the Spurs goalkeeper placed the ball on the ground having assumed a free-kick had been awarded by Clattenburg for a handball by the United player.

The referee allowed the goal to stand, though, seemingly having invited Tottenham to play on, and United went on to claim a 2-0 win at Old Trafford.

Gomes said: "In my opinion, the whole stadium saw what happened. It is impossible the ref did not see the handball.

"He did not gesture in any way to play on, like you would normally expect. When I put the ball down on the floor, he started gesturing with his shoulders.

"He is supposed to use his hands. It was not clear to anyone. It was only when I saw (Paul) Scholes shouting at Nani to shoot that I reacted. The biggest mistake was not being clear afterwards. Maybe he did not have to give the foul but you have to be clear. He only gestured after I put the ball down."

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”