Shanghai Composite Nears 1400 Point Drop in Just Over 2 Months, US Crude Close to 6.5 Year Lows
August 20, 2015 6:26 am
Asian shares tumbled on Wednesday, pressured by lower oil prices and a slowdown in China. US stocks ended in negative territory after a volatile session in which the latest Fed minutes raised concerns over the strength of the global economy, questioning whether rates will be raised next month. The Dow closed 162 points lower at 17,348, the S&P500 fell 17 points to close at 2,079. Over in Asia the Shanghai Composite closed down by 3.42%, at 3794.11, the index is now almost 1400 points lower than it was just over two months ago.
The Dollar fell against a basket of major currencies, hitting a three week low against the Yen, trading around 123.68. Against the Euro the Dollar traded at $1.1138, rebounding from three week lows hit on Tuesday. GBP was steady against the Dollar and within touching distance of a seven week high of $1.5717. The Aussie Dollar lifted off from three week lows to trade as high as $0.7373.
U.S. crude oil prices dipped 0.8% after a fall of more than 4% on Wednesday following an unexpectedly large increase in U.S. stockpiles, barely holding above its 6 1/2-year low of $40.40 per barrel. It last stood at $40.47. Brent crude futures fell 0.6 percent to $46.90, edging near the six-year low of $45.19 touched in January. Gold also gained from the weaker dollar, rising to a one-month high of $1,135.40 per ounce.
Within the equity space Pub group Greene King edged higher as it reported record retail revenue of £1bn in its full year results, although profits leaked lower as a result of a decline in like for like sales and the impact of the disposal of 275 pubs to Hawthorn Leisure. The stock was trading half a percent lower in early trade at 843p per share.
Asian shares tumbled on Wednesday, pressured by lower oil prices and a slowdown in China. US stocks ended in negative territory after a volatile session in which the latest Fed minutes raised concerns over the strength of the global economy, questioning whether rates will be raised next month. The Dow closed 162 points lower at 17,348, the S&P500 fell 17 points to close at 2,079. Over in Asia the Shanghai Composite closed down by 3.42%, at 3794.11, the index is now almost 1400 points lower than it was just over two months ago.
The Dollar fell against a basket of major currencies, hitting a three week low against the Yen, trading around 123.68. Against the Euro the Dollar traded at $1.1138, rebounding from three week lows hit on Tuesday. GBP was steady against the Dollar and within touching distance of a seven week high of $1.5717. The Aussie Dollar lifted off from three week lows to trade as high as $0.7373.
U.S. crude oil prices dipped 0.8% after a fall of more than 4% on Wednesday following an unexpectedly large increase in U.S. stockpiles, barely holding above its 6 1/2-year low of $40.40 per barrel. It last stood at $40.47. Brent crude futures fell 0.6 percent to $46.90, edging near the six-year low of $45.19 touched in January. Gold also gained from the weaker dollar, rising to a one-month high of $1,135.40 per ounce.
Within the equity space Pub group Greene King edged higher as it reported record retail revenue of £1bn in its full year results, although profits leaked lower as a result of a decline in like for like sales and the impact of the disposal of 275 pubs to Hawthorn Leisure. The stock was trading half a percent lower in early trade at 843p per share.
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