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 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.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
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| 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) |
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| 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) |
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| 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) |
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| 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 |
