China Crisis deepens, crude erases earlier gains, Barclays search for a new CEO
July 8, 2015 6:18 am
Asian stocks tumbled on Wednesday as the slowdown in China took a further grip on the markets. Investors have been selling both large and small cap equities, turning against the Chinese Government’s attempts to stabilise the market whilst nearly half of all listed companies on China have suspended trading, an act of damage limitation. Over in the US, stocks ended higher after a volatile session due to a rebound in oil process which offset the uncertainly around China and Greece. The Dow climbed 93 points to close at 17776, the S&P500 closed 12 points higher at 2081.
The euro was down about 0.2% on the day at $1.0989, after falling as low as $1.0916 on Tuesday, its lowest since June 2. The euro skidded 0.5% to 134.15 yen, after falling to a six-week low of 133.52. The dollar shed about 0.4% to 122.06 yen as the Greek and Chinese uncertainly heightened the Japanese currency’s safe-haven appeal, though it remained above its six-week low of 121.700 yen hit on Monday. The Australian dollar, often used as a liquid proxy for China plays, slumped to a six-year low against the greenback of $0.7389.
U.S. crude erased early gains and dropped 0.7% to $51.99 a barrel, in the wake of an 8% fall between Monday and Tuesday which pulled the contract to levels last seen in April. Brent crude was down 0.5% on the day at $56.56 a barrel.
Within the equity space Barclays announced the departure of chief executive Antony Jenkins, saying that a change in leadership is required and the search for his successor was underway.Chairman John McFarlane will become executive chairman pending the appointment of a new CEO. The news was well received by the market with the stock opening 3% higher at 258p per share.
Asian stocks tumbled on Wednesday as the slowdown in China took a further grip on the markets. Investors have been selling both large and small cap equities, turning against the Chinese Government’s attempts to stabilise the market whilst nearly half of all listed companies on China have suspended trading, an act of damage limitation. Over in the US, stocks ended higher after a volatile session due to a rebound in oil process which offset the uncertainly around China and Greece. The Dow climbed 93 points to close at 17776, the S&P500 closed 12 points higher at 2081.
The euro was down about 0.2% on the day at $1.0989, after falling as low as $1.0916 on Tuesday, its lowest since June 2. The euro skidded 0.5% to 134.15 yen, after falling to a six-week low of 133.52. The dollar shed about 0.4% to 122.06 yen as the Greek and Chinese uncertainly heightened the Japanese currency’s safe-haven appeal, though it remained above its six-week low of 121.700 yen hit on Monday. The Australian dollar, often used as a liquid proxy for China plays, slumped to a six-year low against the greenback of $0.7389.
U.S. crude erased early gains and dropped 0.7% to $51.99 a barrel, in the wake of an 8% fall between Monday and Tuesday which pulled the contract to levels last seen in April. Brent crude was down 0.5% on the day at $56.56 a barrel.
Within the equity space Barclays announced the departure of chief executive Antony Jenkins, saying that a change in leadership is required and the search for his successor was underway.Chairman John McFarlane will become executive chairman pending the appointment of a new CEO. The news was well received by the market with the stock opening 3% higher at 258p per share.
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