U.S. Stocks Bounce Back While Dow Skid Persists
IFC Markets | Jun 21, 2018 09:47AM ET
Dow falls seventh session in a row
US stocks bounced back on Wednesday despite further accusations by Trump administration late Tuesday China is waging a systematic campaign of “economic aggression.” The CAC 40 however fell 0.3% while UK’s FTSE 100 gained 0.3% to 7627.40. The Bank of England is expected to hold policy steady at a meeting today. Indices opened mixed today.
Chinese stocks rout persists
Asian stock indices are mixed today while Chinese stocks selloff continues despite talk of possible lowering of banks’ reserve requirements to boost money supply. Nikkei ended 0.6% higher at 22693.04 as yen slide against the dollar continued. China’s stocks are falling: the Shanghai Composite Index is 1.4% lower and Hong Kong’s Hang Seng Index is down 1.3%. Australia’s ASX All Ordinaries is up 1% with Australian dollar little changed against the greenback.
Brent lower despite US crude stocks draw
Brent futures prices are extending losses today after reports Iran may support a small rise in OPEC crude output at a meeting tomorrow in Vienna. The US Energy Information Administration reported yesterday that domestic crude supplies fell by above expected 5.9 million barrels to 426.53 million. Prices ended lower yesterday: August Brent crude lost 0.5% to $74.74 a barrel on Wednesday
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