EconomyLens.com
No Result
View All Result
Tuesday, June 17, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Other

Stock markets slide, oil jumps as China cuts rates

Thomas Barnes by Thomas Barnes
October 21, 2024
in Other
Reading Time: 8 mins read
A A
0
75
SHARES
932
VIEWS
Share on FacebookShare on Twitter

Bullion hit a fresh record high on geopolitical tensions as traders keep track of developments in the Middle East. ©AFP

London (AFP) – Major stock markets slid Monday on profit-taking and oil prices jumped as traders weighed fresh interest-rate cuts from China’s central bank aimed at reigniting the world’s second-biggest economy. Another record session Friday on Wall Street crowned a sixth weekly gain in a row, but failed to carry over into Monday and inspire a similar rally elsewhere.

Related

Swiss insurers estimate glacier damage at $393 mn

Brazil sells rights to oil blocks near Amazon river mouth

Taiwan tests sea drones as China keeps up military pressure

G7 leaders urge Trump to ease off trade war

Oil prices jump, stocks drop as traders track Israel-Iran crisis

“The weaker — but not weak — disposition is flowing from a posture of strength in the major indices that has invited some selling interest after some big gains,” Briefing.com analyst Patrick O’Hare said in a note to clients. Investors are also biding time as they await the next batch of corporate earnings, with Google’s parent company Alphabet to report its third-quarter figures on Tuesday and IBM and Tesla to follow on Wednesday. Boeing, Coca-Cola, General Motors, and L’Oreal also report their earnings this week.

Haven investment gold reached a new all-time high on geopolitical concerns and uncertainty over the upcoming US election, analysts said. But “no matter how one looks at things this morning, the overarching point is that there still isn’t a rush for the exits,” added O’Hare. Oil prices, which tumbled more than eight percent last week, also drew support from Middle East unrest, as well as from hopes of increased demand from China – the world’s top importer of crude.

“The idea is that the move (on Chinese rates) will encourage lending and spending and help mend the ailing property market,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “But there are still expectations that further fiscal stimulus will be needed.” China’s central bank on Monday said it had slashed two key interest rates to all-time lows as part of an official drive to revive spending and achieve a five-percent annual economic growth target. The move comes after figures last week showed China’s economy expanded at its slowest quarterly pace since the start of 2023, but still better than forecast.

Beijing has since last month unveiled economy-reviving measures, including rate cuts, an easing of home-buying rules, and pledges to support equity markets. The announcements inspired a blockbuster rally in mainland and Hong Kong stocks, but some gains have been erased after a series of disappointing news conferences that failed to provide any detail or meaningful measures. “Officials are gradually ramping up support to kick-start the economy — but the will-they-won’t-they of announcements has made the process a rollercoaster for markets,” Moody’s Analytics said Monday.

But Trade Nation analyst David Morrison said the oil market’s momentum remains to the downside. “Last week, OPEC+ and the US Energy Information Administration (EIA) yet again downgraded their forecasts for oil demand growth, citing China’s economic slowdown as the prime reason for the bearish view,” he said. In foreign exchange, the dollar rose against other major currencies. “The US dollar continues to find some love against the other majors,” said Morrison. “This comes as probabilities shift towards a slowdown in monetary policy easing from the Federal Reserve, and the possibility of a quicker pace of rate cuts from both the European Central Bank and the Bank of England,” he added.

– Key figures around 1545 GMT –

New York – Dow: DOWN 0.9 percent at 42,901.74 points

New York – S&P 500: DOWN 0.6 percent at 5,828.75

New York – Nasdaq Composite: DOWN 0.4 percent at 18,018.00

London – FTSE 100: DOWN 0.5 percent at 8,318.24 (close)

Paris – CAC 40: DOWN 1.0 percent at 7,536.23 (close)

Frankfurt – DAX: DOWN 1.0 percent at 19,461.19 (close)

Tokyo – Nikkei 225: DOWN 0.1 percent at 38,954.60 (close)

Hong Kong – Hang Seng Index: DOWN 1.6 percent at 20,478.46 (close)

Shanghai – Composite: UP 0.2 percent at 3,268.11 (close)

Euro/dollar: DOWN at $1.0826 from $1.0868 on Friday

Pound/dollar: DOWN at $1.2984 from $1.3047

Dollar/yen: UP at 150.35 yen from 149.45 yen

Euro/pound: UP at 83.36 pence from 83.30 pence

West Texas Intermediate: UP 1.4 percent at $70.20 per barrel

Brent North Sea Crude: UP 1.1 percent at $73.89 per barrel

© 2024 AFP

Tags: Chinainterest ratesoil prices
Share30Tweet19Share5Pin7Send
Previous Post

France bristles at painkiller maker’s sale to US fund

Next Post

French govt takes new blows over deal to sell painkiller maker to US fund

Thomas Barnes

Thomas Barnes

Related Posts

Other

Oil prices rally, stocks mixed as traders track Israel-Iran crisis

June 17, 2025
Other

Venezuela’s El Dorado, where gold is currency of the poor

June 17, 2025
Other

Oil prices jump after Trump’s warning, stocks extend gains

June 17, 2025
Other

Despite law, US TikTok ban likely to remain on hold

June 16, 2025
Other

OpenAI wins $200 mn contract with US military

June 16, 2025
Other

G7 leaders urge Trump to ease off trade war

June 17, 2025
Next Post

French govt takes new blows over deal to sell painkiller maker to US fund

London trial probes 2015 Brazil mine disaster

Hezbollah-linked financial firm an economic lifeline for Lebanese

Venezuela arrests ex-oil minister accused of US links

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

Spain says ‘overvoltage’ caused huge April blackout

June 17, 2025

Swiss insurers estimate glacier damage at $393 mn

June 17, 2025

Brazil sells rights to oil blocks near Amazon river mouth

June 17, 2025

Trump says EU not offering ‘fair deal’ on trade

June 17, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.