Shanghai Composite Continues to Drop, US Crude at 4 Month Low
July 28, 2015 6:24 am
The Shanghai Composite continued yesterday’s 8.5% drop by falling another 1.68%; Monday’s session saw the Chinese index suffer its worst drop in 8 years; the Chinese regulator has pledged to purchase shares in a further attempt to stabilise the market. Meanwhile, the US also felt the effects of the Asian session; the Dow dropped by 0.7% to close at 17440, the S&P500 lost 0.5% to close at 2067.
In FX the Euro was trading around the $1.10830 level after it rose to a two-week high of $1.1129 overnight due to a better than expected German IFO survey. USD also bounced off its daily low against the yen as investors looked for a safe haven play after the crash in Asian markets yesterday. The Yen was trading around the $1.1129 level.
In commodities oil continues to give up gains; U.S. crude was down 0.5% at $47.22 a barrel, near $46.91, its lowest since late March.
There has been some potential M&A activity in the equity sector this morning after Zurich Insurance said on Tuesday that it is weighing up a bid for RSA Insurance, a British insurer with a market capitalization of £4.4bn. RSA stock is soaring this morning, up 11% at 486p per share.
The Shanghai Composite continued yesterday’s 8.5% drop by falling another 1.68%; Monday’s session saw the Chinese index suffer its worst drop in 8 years; the Chinese regulator has pledged to purchase shares in a further attempt to stabilise the market. Meanwhile, the US also felt the effects of the Asian session; the Dow dropped by 0.7% to close at 17440, the S&P500 lost 0.5% to close at 2067.
In FX the Euro was trading around the $1.10830 level after it rose to a two-week high of $1.1129 overnight due to a better than expected German IFO survey. USD also bounced off its daily low against the yen as investors looked for a safe haven play after the crash in Asian markets yesterday. The Yen was trading around the $1.1129 level.
In commodities oil continues to give up gains; U.S. crude was down 0.5% at $47.22 a barrel, near $46.91, its lowest since late March.
There has been some potential M&A activity in the equity sector this morning after Zurich Insurance said on Tuesday that it is weighing up a bid for RSA Insurance, a British insurer with a market capitalization of £4.4bn. RSA stock is soaring this morning, up 11% at 486p per share.
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