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Daily Review 23.08.2016

August 23 - Stocks around the world mostly lower as crude oil prices slump

Major stocks around the world slipped on Monday as energy shares were thrown into the red led by a decline in crude oil prices.  

UK’s benchmark stock index FTSE 100 gave up 0.4% to close at 6 828.54 as Brent crude oil moved down 3%, trading under $50 a barrel.

The West Texas Intermediate oil which slumped nearly 3% to move below $48 per barrel also pulled down stocks indices in Wall Street.

The Dow Jones Industrial Average lost 23.15 points, or 0.1%, to end at 18 529.42 while the S&P 500 shed 1.23 points , or less than 1%, to settle at 2 182.64. The NASDAQ Composite was the lone index to take different route as it gained 6.22 points, or 0.1%, to finish 5244.60

In Australia, the ASX 200 erased early morning session gain and fell 11.58 points, or 0.21%, at 5 515.10. Hong Kong’s Hang Sang index dropped 0.43% in the afternoon trade while South Korea’s Kospi slipped 14.08 points, or 0.68%, at 2 042.16.

China markets were also lower as Shanghai Composite lost 23.34 points, or 0.75% at 3 084.76 and the Shenzhen Composite closed down at 2 018.65 after dropping 26.03 points, or 1.27%.

Japan’s Nikkei added 52.37 points, or 0.32%, to settle at 16 598.19, boosted by a weaker yen and expectation of further monetary policy actions from its central bank.

US dollar gains on hawkish comments from Fed’s Fischer

US dollar traded broadly higher against its major counterparts on Monday, a day after Federal Reserve Vice Chairman sighted that the central bank was near to achieving its inflation and employment target.

The comment from the top Fed official, perceived as hawkish, supported the greenback to rally as it was last up 0.14%, closing at 94.644.

The euro fell 0.18% against the dollar, finishing at 1.1305, below its nearly eight week high of 1.1365. The British pound and Swiss franc went also weaker as they closed 1.3110 and 0.9532 respectively.

 The dollar also rebounded against the yen, and was last up by 0.25%, at 100.45 yen.

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