August Daily Review - 03/08

 

1) Wall Street was lower on the first trading day in August as oil prices touched a six-month low and data showed U.S. economy lost some momentum at the end of the second quarter.

2) Oil prices hit six-month lows earlier in the day, knocked by fresh evidence of growing oversupply and data highlighting slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.

3) The euro backed off session lows against the dollar on Monday following the release of lackluster data on U.S. manufacturing activity and consumer spending.

EUR/USD was last at 1.0980, up from lows of 1.0941.

4) Greece's stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears the country was about to be dumped from the euro zone.

Bank shares fell 30 percent before loss-limits kicked in to stop investors selling any more.

5) U.S. natural gas prices edged higher on Monday, but held near the previous session's three-week low as forecasts for mild weather across the U.S. in the weeks ahead dampened demand expectations for the fuel.

6) U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.

 

 

 

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