Gold Slumps to a Five-Year Low, US and Brent Crude See Major Drop in July
July 20, 2015 5:54 am
Asian and US stocks were mixed on Friday for a fifth straight session; a major rally in Google which sent the Nasdaq to another record high at 5210, however, gains were limited as energy stocks weighed on the markets and investors were cautious about taking high risk positions into the weekend. The Dow closed 33 points lower at 18,086, the S&P500 gained 2 points to close at 2,126.
The Euro was trading around $1.08240, hitting a two month low of $1.08205 earlier in the session. The Dollar also climbed 0.1% to 124.19 Yen. AUD fell 0.5% to $0.7339, dropping as far as $0.7328 at one point, its lowest level in six years.
Gold collapsed 4% to a five-year low at one point, due to critical technical support levels being breached, as well as the strength of the US Dollar. U.S. crude was down 22 cents at $50.67 this morning, after falling more than 3% last week; the instrument has dropped more than 14% since the start of July. Meanwhile, Brent September crude was 15 cents lower at $56.95; the benchmark fell just under 3% last week and has dropped nearly 10% this month.
Within the equity space, all eyes are on Barclays. After firing the Chief Executive earlier this month, the bank has announced plans to cut 30k more jobs over the course of two years in a cost saving exercise. Barclays stock was down 0.3% in early trade at 279p per share.
Asian and US stocks were mixed on Friday for a fifth straight session; a major rally in Google which sent the Nasdaq to another record high at 5210, however, gains were limited as energy stocks weighed on the markets and investors were cautious about taking high risk positions into the weekend. The Dow closed 33 points lower at 18,086, the S&P500 gained 2 points to close at 2,126.
The Euro was trading around $1.08240, hitting a two month low of $1.08205 earlier in the session. The Dollar also climbed 0.1% to 124.19 Yen. AUD fell 0.5% to $0.7339, dropping as far as $0.7328 at one point, its lowest level in six years.
Gold collapsed 4% to a five-year low at one point, due to critical technical support levels being breached, as well as the strength of the US Dollar. U.S. crude was down 22 cents at $50.67 this morning, after falling more than 3% last week; the instrument has dropped more than 14% since the start of July. Meanwhile, Brent September crude was 15 cents lower at $56.95; the benchmark fell just under 3% last week and has dropped nearly 10% this month.
Within the equity space, all eyes are on Barclays. After firing the Chief Executive earlier this month, the bank has announced plans to cut 30k more jobs over the course of two years in a cost saving exercise. Barclays stock was down 0.3% in early trade at 279p per share.
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