Chinese action leads the market

Chinese action leads the market

Chinese action leads the market The falling value of the yuan and the resulting sell-off in Asian markets is continuing to impact global stock markets so far Wednesday. The shock devaluation of the currency in the previous session saw markets plunge with stocks in companies heavily committed in China being impacted. Apple stock fell 5 per cent amid concerns of weak sales ahead in the second-largest economy. As the yuan weakens further against the US dollar, commodity prices have been affected, further punishing markets. The People’s Bank of China says it has a devaluation target of 2 per cent and the IMF has said that China has made a positive move which will allow market forces to play more of a part in the development of the yuan.
 
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North America (previous session)
US Dow Jones 17,402.84 (-1.21 per cent) -2.01 per cent +5.09 per cent
TSX Composite 14,414.67 (-0.36 per cent) +0.02 per cent -5.63 per cent
 
Europe (at 6am ET)
UK FTSE 6,581.64 (-1.24 per cent) -1.37 per cent -0.77 per cent
German DAX 11,057.23 (-2.09 per cent) -2.28 per cent +21.92 per cent
 
Asia (at close)
China CSI 4,016.13 (-1.24 per cent) -2.20 per cent +70.39 per cent
Japan Nikkei 20,392.77 (-1.58 per cent) +3.10 per cent +34.51 per cent
 
Other Data (at 4.40am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.22 (+0.08 per cent) 43.17 (+0.21 per cent) 1116.70 (+0.81 per cent) U$0.7647