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Growing fears that Europe’s economic crisis could affect global economy
October 10, 2014 6:37 amVideo
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Weak German export data raised fears yesterday that Europe’s Economic turmoil could drag down the Global economy. Economic sanctions on Russia are halting Germany’s growth and in turn the Euro zone, causing US and Asian shares to go into meltdown last night. The Dow closed down 334 points at 16659 whereas the Nikkei dropped to a two month low closing down 1.2% at 15300.
The concerns on global growth were felt in the commodity market. Brent crude fell to $88 a barrel, its lowest level since December 2010 and US crude fell 2.3% dropping as low as $83.59, the lowest level since July 2012. Gold was down slightly but managed to buck the trend and retained most of its gains from its four day rally and is on course for its best week in four months as investors use the yellow metal for safe haven buying.
In the FX space the euro steadied on Friday, inching slightly higher to $1.2702. It had reached a 2-1/2 week high of $1.2791 early on Thursday and the dollar was little changed at 107.88 yen after touching a three-week low of 107.53 overnight. It was on track to lose about 1.8 percent on the week, which would be its largest weekly loss since March. Commodity currencies took a tumble due to the global slide in equities affecting risk appetite, the Australian dollar was down 0.2 percent at $0.8766 and its New Zealand counterpart fell back to $0.7848 from a two-week high of $0.7975.
In equities Vedanta resources missed production targets by 3% from the previous year causing the stock to drop off 6.5% trading at 862p per share.
Today we have trade balance figures coming out of the UK and US at 9.30am and 1.30pm respectively. Also at 1.30pm we have Canadian employment data hitting the wires.
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