August Daily Review - 31/08

 

1. U.S. stocks opened lower on Monday after weekend comments from Federal Reserve Vice Chairman Stanley Fischer appeared to keep the possibility of a September rate hike alive.

2. China stocks fell sharply on Monday before recovering much of their losses as regulators cracked down on speculators which Beijing blames for a 40% crash in the country's stock markets since June. The main Shanghai Composite Index fell 3% Monday morning, before recovering some of its losses to close 0.8% lower. However, that still left it more than 12% down for the month of August, following a drop of more than 14% in July.

3. The euro remained modestly higher against the softer dollar on Monday after data showing that euro zone inflation remained low in August, adding to concerns that the European Central Bank may scale up its stimulus program.

4. The dollar remained moderately lower against the other major currencies on Monday, as renewed weakness in equities markets overnight weighed, although expectations for a September rate hike by the Federal Reserve limited losses.

5. Crude oil futures declined on Monday, as traders cashed out of the market after prices scored their biggest two-day percentage gain since 2009 last week.

 

 

 

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