Market Review

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Daily Review 18.10.2016

Market uncertainty prompts world stocks to close in the red

Major equity markets around the globe ended in the negative territory on Monday session as world markets continued to be marred with uncertainties concerning the health of the global economy.

Stocks indices in Wall Street were dragged down by the declining oil prices, tumbling consumer discretionary and the recent comments from Federal Reserve Vice chairman Stanley, saying that raising interest rates would not be “that simple” for the central bank.

The energy sector S&P 500 dropped 6.48 points, or 0.35, at 2 126.5 while the blue chip Dow Jones industrial average lost 51.98 points, or 0.29%, at 18 086.4. NASDAQ Composite shed 14.34 points, or 0.27%, at 5 199.82.

Meanwhile in Europe, indices also tumbled as investors mulled future policy decisions by the European Central Bank.

The pan-European STOXX 600 closed 0.74% down as its all sectors finished in red.

The French CAC 40 and UK’s FTSE 100 futures settled down 0.46 and 0.94% respectively while the German DAX ended 0.73% lower.

In Asia, markets started on the back foot amid disappointing economic data from China.

Australia’s ASX 200 lost 45.33 points, or 0.83%, to close at 5 388.70. Hong Kong’s Hang Seng index finished 0.93% lower while Shanghai composite and Shenzhen composite closed 0.74% and 0.93% down respectively.

Gold gains ground on steady ETF and lower dollar

Gold futures surged slightly on Monday, taking advantage on a gain in exchange-traded funds and a decline in US dollar.

US gold futures for December was last trading at $1 256.60 an ounce.

Spot gold recovered from its three-week losses as it closed at $1 256.70 an ounce, after advancing 0.4% higher in yesterday’s session.

Meanwhile, silver rose slightly by 0.1% to finish at $17.36 an ounce. Platinum and palladium both lost ground by 0.1%.

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