Shanghai Composite Drops by 10% in a Week, Copper & Gold Hit by Stronger USD
July 31, 2015 6:08 am
US stocks ended fairly flat yesterday, as lacklustre corporate earnings and the slowdown in China further dampened investors confidence. The Dow closed at 17,745, the S&P500 was hardly unchanged at 2108. The Shanghai Composite closed down by 1.13%, bringing the end to a tough week for the Chinese index, which by around a tenth in its overall value.
The Dollar crept down against the Yen to 124.030, after touching its highest level since June 2010. The Euro rose slightly against the Dollar after dropping to a one week low of $1.0835 hit on Thursday.
Crude oil dropped for the second session in a row as the OPEC head stated that production would not be cutback and the concern over Global supply gripped the industry. US crude was trading at $48 a barrel. London copper too was facing its biggest monthly loss since January amid sputtering Chinese demand and a stronger Dollar. It’s set for a near 9 percent slump over July, its weakest showing since January, and the second-worst performance since 2012. The stronger Dollar also pushed down gold, which is on track for a sixth straight weekly fall, its longest drop since 1999. It fell 1% with a five and a half year low in sight. Spot gold was trading at $1,085 per ounce.
Within the equity space Lloyds Banking Group posted a 15% increase in underlying first-half profits to £4.4bn and a 38% increase in statutory profits to £1.2bn. The bank set aside an extra £1.4bn provision for PPI mis-selling and declared an interim dividend of 0.75p per share. The stock was down 1% in early trade.
US stocks ended fairly flat yesterday, as lacklustre corporate earnings and the slowdown in China further dampened investors confidence. The Dow closed at 17,745, the S&P500 was hardly unchanged at 2108. The Shanghai Composite closed down by 1.13%, bringing the end to a tough week for the Chinese index, which by around a tenth in its overall value.
The Dollar crept down against the Yen to 124.030, after touching its highest level since June 2010. The Euro rose slightly against the Dollar after dropping to a one week low of $1.0835 hit on Thursday.
Crude oil dropped for the second session in a row as the OPEC head stated that production would not be cutback and the concern over Global supply gripped the industry. US crude was trading at $48 a barrel. London copper too was facing its biggest monthly loss since January amid sputtering Chinese demand and a stronger Dollar. It’s set for a near 9 percent slump over July, its weakest showing since January, and the second-worst performance since 2012. The stronger Dollar also pushed down gold, which is on track for a sixth straight weekly fall, its longest drop since 1999. It fell 1% with a five and a half year low in sight. Spot gold was trading at $1,085 per ounce.
Within the equity space Lloyds Banking Group posted a 15% increase in underlying first-half profits to £4.4bn and a 38% increase in statutory profits to £1.2bn. The bank set aside an extra £1.4bn provision for PPI mis-selling and declared an interim dividend of 0.75p per share. The stock was down 1% in early trade.
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