July Daily Review - 27/07

 

1) The dollar extended losses against a basket of other major currencies on Monday, despite positive U.S. data on durable goods orders, as sentiment on the greenback remained under pressure ahead of this week's policy statement by the Federal Reserve.

2) Wall Street began the week in the red on Monday and fell sharply on concerns about China's slowing growth in the wake of the biggest drop in Shanghai shares in eight years.

The Dow Jones industrial average fell to its lowest level in over five months while the Nasdaq composite was at a four-week low and the S&P 500 touched its lowest in more than two weeks.

3) U.S. natural gas prices turned higher after falling to a two-week low on Monday, as market players assessed the outlook for U.S. demand and supply levels.

4) Chinese shares slid more than 8 percent on Monday as an unprecedented government rescue plan to prop up valuations ran out of steam, throwing Beijing's efforts to stave off a deeper crash into doubt.

Major indexes suffered their largest one-day drop since 2007, shattering three weeks of relative calm in China's volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that started in mid-June.

5) Teva Pharmaceutical Industries (ARCA:TEVA) has agreed to buy Allergan (NYSE:AGN_pa) Plc's generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world's largest pharmaceutical firms.

 

 

 

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