AP - World stock markets fell Monday as some investors worried that the three-month rally in share prices may not be justified by economic indicators and as the dollar was boosted by comments this weekend from Russia's finance minister.
LONDON: Weak data from China helped push oil prices to their lowest in six months on Monday, knocking the Canadian dollar, and sent Asian stocks close to their 2015 lows. But futures markets pointed to major share indices making a steady start to August. The S&P 500, Dow Jones Industrial and Nazdaq markets all looked set to open little changed, shrugging off the troubles of Greece whose stock market slumped as it reopened after being shut for five weeks.
LONDON: Oil hit four-month lows on Monday after a steep drop in Chinese stock markets spread concerns about the economic health of the world's biggest energy consumer and more evidence emerged of a global supply glut. Chinese stocks tumbled more than 8 percent on Monday, the biggest one-day drop in eight years, showing an unprecedented government rescue effort to prop up valuations has run out of steam. "Today's oil price fall has been driven by the slump in Chinese stock markets," said Carsten Fritsch, senior oil market analyst at Commerzbank in Frankfurt.
LONDON: Britain's top share index slumped to its lowest level in almost three years on Monday, with all stocks but one in the red and miners leading the slide on growing fears of a China-led global economic slowdown. Alarm bells rang across world markets after a 9 per cent dive in Chinese shares and a sharp drop in the dollar and major commodities panicked investors. The US Dow Jones Industrial Average tumbled more than 1,000 points in early trading but bounced back, more than halving its losses by 1600 GMT.
NEW YORK: Apple weighed heavily on all major US stock indexes on Tuesday as it fell for the fifth straight day, while oil steadied a day after a broad measure of commodity prices hit a 12-year low. Apple stock, down 3.1 per cent on Tuesday, is off near 15 per cent from its record high set in late April. Stocks and the dollar were little changed. US crude rose and copper edged up but the outlook for commodities continued to be clouded by concerns over a slowdown in China, the world's second-largest economy.
LONDON — The euro and European shares fell for a second day on Tuesday as investors worried about the uncertainty over a bailout for Cyprus aimed at preventing a debt default and banking collapse.
Cyprus’s revised draft bill for a levy on bank deposits scraps the measure for savings under 20,000 euros but does not compensate for the resulting lost revenue by raising it for the wealthy.
TOKYO: Asian stocks started Tuesday under a cloud with markets waiting nervously to see how Chinese shares fare later in the session after Monday's slump all but erased risk appetite. The dollar was under pressure as China jitters spurred flows into havens such as the yen, while commodities including oil and copper wilted amid fears of a collapse in demand from China. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Tokyo's Nikkei sank 1 per cent, with a stronger yen accelerating the decline.
Steve Reitmeister submits:You could say the market made two big steps forward in September and October. And now we are taking a step back in November., So let the double dippers and doomsayers beat their chests for a while. They need an ego boost after being so wrong, for so long. The simple fact remains that the economy is getting healthier and corporate earnings are on the rise. Those are the two greatest predictors of future share price performance.