Copper Prices at 6-Year Low, Shanghai Composite Continues its Drop
August 3, 2015 6:21 am
US Stocks fell on Friday as the energy sector’s fall was strong enough to offset the wage data that supported an interest rate hike in the States as early as September. Over in Asia a basket of indices outside of Japan touched 2015 lows thanks to China’s economic slowdown and the selloff in the commodity markets. The Dow fell 51 points to close 17,694, the S&P500 lost 4 points to close at 2,104.
In currencies, USD held broadly steady after sliding on Friday after disappointing U.S. wage growth data. The Greenback was firm at 123.97 Yen, while the Euro was little changed at $1.1097.
U.S. crude was down 0.7% at $46.81 a barrel after losing 21 percent in July. Copper prices fell 10% in July, in the commodities’ worst month since January; copper is now at its lowest levels since June 2009. The metal, which is used as a barometer for industrial output, was trading at 5218 per tonne.
Within the equity space, Intertek posted a rise in first-half pre-tax profit on the back of improved revenue momentum, margin progression and strong cash generation. Pre-tax profit was up 16.1% at 139.1m from £119.8m last year, while revenue grew 3.5% to £1.06bn from £1.02bn. The stock was trading nearly 10% higher in early trade at 2686p per share.
US Stocks fell on Friday as the energy sector’s fall was strong enough to offset the wage data that supported an interest rate hike in the States as early as September. Over in Asia a basket of indices outside of Japan touched 2015 lows thanks to China’s economic slowdown and the selloff in the commodity markets. The Dow fell 51 points to close 17,694, the S&P500 lost 4 points to close at 2,104.
In currencies, USD held broadly steady after sliding on Friday after disappointing U.S. wage growth data. The Greenback was firm at 123.97 Yen, while the Euro was little changed at $1.1097.
U.S. crude was down 0.7% at $46.81 a barrel after losing 21 percent in July. Copper prices fell 10% in July, in the commodities’ worst month since January; copper is now at its lowest levels since June 2009. The metal, which is used as a barometer for industrial output, was trading at 5218 per tonne.
Within the equity space, Intertek posted a rise in first-half pre-tax profit on the back of improved revenue momentum, margin progression and strong cash generation. Pre-tax profit was up 16.1% at 139.1m from £119.8m last year, while revenue grew 3.5% to £1.06bn from £1.02bn. The stock was trading nearly 10% higher in early trade at 2686p per share.
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