Morning Briefing: Global equities slump on China, oil

Morning Briefing: Global equities slump on China, oil

Morning Briefing: Global equities slump on China, oil Global equities slump on China, oil
The usual suspects have resulted in a slump for global equities Wednesday. Concern over China’s growth combined with oil falling almost 3 per cent have pushed markets lower so far.

Asia’s indexes closed with losses; Tokyo’s Nikkei entered bear territory with an almost-4 per cent slump; Hong Kong fell by around the same; and Shanghai and Sydney were off by more than 1 per cent.

Europe has followed with losses of 3 per cent in early trading as oil prices fell with West Texas Intermediate dropping below $28.

Wall Street and Toronto are expected to open lower.
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North America (previous session)
US Dow Jones 16,016.02 (+0.17 per cent) -6.50 per cent -8.54 per cent
TSX Composite 12,002.24 (+0.50 per cent) -7.85 per cent -16.12 per cent
Europe (at 5.30am ET)
UK FTSE 5,707.63 (-2.88 per cent) -5.30 per cent -13.78 per cent
German DAX 9,367.36 (-3.07 per cent) -11.70 per cent -8.67 per cent
Asia (at close)
China CSI 300 3,174.38 (-1.51 per cent) -15.75 per cent -6.53 per cent
Japan Nikkei 16,416.19 (-3.71 per cent) -13.54 per cent -5.47 per cent
Other Data (at 5.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
(-2.19 per cent)
(-2.88 per cent)
(+0.44 per cent)
Aus. Dollar

Saudis deny plot to crash Iran’s oil
There is no secret plot to decimate Iran’s return to the oil export market. That was the message from Saudi Arabia’s foreign minister Adel al-Jubeir when asked about it by CNN’s Wolf Blitzer. The minister insisted that oversupply is behind the continuing slump in prices and said that the kingdom lets the market decide prices. He denied that it is possible to manipulate the market on a consistent basis and put the rumours down to conspiracy theories.
BMO reports investors are optimistic despite volatility
Almost half of Canadian investors are optimistic about their own portfolios despite saying that they expect the markets to stay volatile this year. A poll by BMO shows that 53 per cent of respondents believe market volatility will be the same or worse in 2016 but 48 per cent believe that their portfolios will increase in value. Half of Canadians are looking for safer investments while 17 per cent are investing more or looking for new opportunities.
UK unemployment below pre-recession levels but wages lag
Unemployment in the UK has fallen to its lowest level for ten years. The Office for National Statistics reported Wednesday that unemployment dropped to 5.1 per cent in the three months to November, the lowest since 2005, but the growth in wages has slowed to just 1.9 per cent.

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