Breaking News

Carnage in China shares triggers selling frenzy across the globe.

News Date: 4/1/2016 10:12:22

Chinese shares plunged 7.0%, before trading was halted due to extremely high volatility. The rout was triggered after a Manufacturing PMI survey showed contraction in the sector for the tenth consecutive month. The massive losses had reverberations across the globe, with the pan-European index FTSEurofirst hitting a three-week low at 1,392, before settling at 1,405, down a heavy 2.25% for the day. Germany's DAX index even underperformed that, collapsing 400 points, or near 4.0% to 10,320. France's CAC 40 index dived 140 points, or 3.0% to 4,533. Britain's FTSE was a tad better, losing 125 points, or about 2.0% to trade at 6,115.


Wall Street followed suit, with Dow Jones diving 350 points, or 2.0% to 17,076. NASDAQ gave up 116 points, or 2.37% to 4,888. S&P 500 was down 37 points, or 1.83% to 2,006.


Oil prices on the other hand expanded their profits, as tensions rise in the Middle East after Saudi Arabia severed its ties with Iran over executing the Shia cleric Nimr Al-Nimr. Brent crude futures soared $1.58, or 4.25% to $38.78 a barrel. U.S. West Texas Intermediary (WTI) crude futures jumped $1.22, or 3.30% to $38.20 a barrel.


Gold prices also made big gains as investors flock to safe-havens, with the precious metal's futures adding a solid 20 dollars, or 1.86% to $1,080 an ounce. Silver also rose by 35 cents, or 2.55% to $14.55 an ounce. Industrial metals weren't as lucky however, as the tumult in China raised fears about its future economic stability. Copper futures dropped five cents, or 2.45% to a week-low at $2.083 a pound.


Euro recorded deep losses despite good manufacturing data. It fell to a two-week low against the dollar at 1.0834, after rising to as high as 1.0944 earlier. It tumbled to an eight-month low against the resurgent yen at 129.13, down 1.06% for the day.


Latest news

Curse continues... Inflation is following us to 2023 Inflation led most of the banks in the world to raise interest rates, in an attempt to reduce it . The International Monetary Fund expects that t
12-2022 30 06:28:23

Gold prices fluctuate with the reduction of dollar's losses Gold's prices varied after its positive start at the expense of the dollar’s decline, which tended to reduce its losses, while oil c
12-2022 29 03:29:32

Vladimir Putin takes revenge by Russian oil embargo President Vladimir Putin has banned Russian oil in response to the price cap. He has signed a decree retaliating against the West's imposition of
12-2022 28 03:04:38

Gold prices rose today, Tuesday, affected by the decline of the dollar, which declined by 0.3%, and gold rose by 0.4% to reach $1804.99 an ounce, and gold futures rose by 0.4% to reach $1811.90. The
12-2022 27 04:19:22

The first Saudi-Japanese ministerial dialogue meeting for energy The Saudi Prince of Energy and the Japanese Minister of Economy and Industry held a meeting in Riyadh - Saudi Arabia, in which they
12-2022 26 02:50:27

More News