Morning Briefing: Markets slump as oil hits 12-year low

Morning Briefing: Markets slump as oil hits 12-year low

Morning Briefing: Markets slump as oil hits 12-year low Markets slump as oil hits 12-year low
Oil prices have dropped almost 4 per cent overnight, to lows last seen in 2004. The plunge in prices has taken global equities down with Shanghai falling 7 per cent, triggering the second suspension of trading this week.

The global sell-off has spread through Asia with Tokyo and Sydney down more than 2 per cent and Hong Kong off by more than 3 per cent.

European indexes are generally down around 3 per cent so far.

Wall Street and Toronto are expected to open lower following losses in the previous session.
 
  Latest 1 month ago 1 year ago
 
North America (previous session)
US Dow Jones 16,906.51 (-1.47 per cent) -5.27 per cent -2.68 per cent
TSX Composite 12,726.80 (-1.50 per cent) -2.42 per cent -10.91 per cent
 
Europe (at 4.30am ET)
UK FTSE 5,897.70 (-2.89 per cent) -5.24 per cent -8.13 per cent
German DAX 9,834.14 (-3.72 per cent) -9.66 per cent +3.32 per cent
 
Asia (at close)
China CSI 300 3,294.38 (-6.93 per cent) -10.66 per cent -9.59 per cent
Japan Nikkei 17,767.34 (-2.33 per cent) -9.80 per cent +5.22 per cent
 
Other Data (at 4.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
33.00
(-3.59 per cent)
32.67
(-3.83 per cent)
1096.60
(+0.43 per cent)
U$0.7066
 
Aus. Dollar
U$0.7015
 
Bear market says Gartman
Dennis Gartman says that a bear market has “begun in earnest” globally. The influential investor told CNBC that a range of factors including oil prices, gold price gains and China’s equities are contributing to his view. Gartman made a prediction for a bear market a year ago but reversed his opinion and was proved incorrect. 
 
World Bank says this economy will be 2016’s brightest
India has been hailed as the bright star in a gloomy galaxy of global economies. The World Bank is forecasting growth of 7.8 per cent in 2016-17 followed by two years at 7.9 per cent. China by comparison is expected to grow 6.7 per cent for 2016-17 and 6.5 per cent in the following two years. Brazil and Russia will remain in recession the World bank says.