Uk markets plunge on low gdp data as stocks plunge
The Shanghai Composite Index is down more than 5강원안마 percent this month and has lost nearly all its value since June when it fell by more than 12 percent.
On Wednesday, the Shanghai index fell by more than 7 percent as stocks tumbled amid uncertainty over the U.S. Federal Reserve’s $4.3 trillion stimulus program.
«We can see the risk of a correction at any given moment but we can’t be sure that is going to occur and we cannot stop or halt 아산출장마사지it,» said Zhou Jianlin, a strategist at ING Securities in Hong Kong.
The decline in oil prices, which the Saudis see as the biggest challenge to their economy, is also pushing the Shanghai market higher.
U.S. oil futures plunged to $26.25 from the current $57.10 on Thursday, in the wake of U.S. data showing demand continued its slow rise as Americans continued to eat out their lunch.
Chinese oil prices jumped 5 percent against a basket of currencies on Wednesday, with the price of Brent crude falling about 20 percent after the U.S. data.
That has been the main source of Saudi Arabia’s economic woes, with the oil-rich nation facing an 8 percent drop in its economic output, according to the International Monetary Fund.
The oil drop is the fourth straight month of decline for the Saudis, whose budget deficit hit $10 billion last month, an area of the economy which could be more expensive to service.
«The market in oil has to respond to all of the factors that were not there to a degree it would have been. These are the three main issues that are keeping prices down. On a daily basis they (Saudi Aramco) have to find more of a market as it’s a very important market,» said David Tarrant, a market analyst at HSBC’s Global Sovereign Client Service.
The Saudi government has cut back subsidies for its food producers, whose prices have increased by about a third in the past two years, although they have also cut taxes on top-heavy industries such as agriculture.
In December, the government slashed a subsidy of about $50 for every barrel of oil, saying the move would boost fuel costs. The subsidy had already been cut to $34 a barrel.
Saudi Arabia’s currency, the riyal, dropp솔레어 카지노ed 0.65 percent against the dollar this week before returning to normal levels later on Wednesday, touching $7.20 in Dubai.