Market Recap - The Next Date Has Been Set For US & Chinese Trade Talks
It was a sea of red in the US as all the major bourses struggled yesterday, the Nasdaq was the worst performer down 1.23%. Over in the Asia Pacific region, the Nikkei and ASX traded flat while the Shanghai Comp. fell half a percent. There is a date to put in your diary as the next round of trade talks between the US and China have been scheduled for late August.
In commodities markets, copper was one of the main laggards yesterday, at one stage we traded as much as 4.7% lower as miners came to an agreement to avoid strike action at the worlds largest copper mine Escondida. This morning we have pulled back 0.4% to trade at $2.57/lb.
Oil markets also fell yesterday following the build in DoE inventory levels, this compounded woes following the build in API's on Tuesday night. This morning spot WTI trades at $65.08/bbl.
Gold reached a low of $1160/oz overnight and has now rebounded to trade at $1175/oz. The pressure on the precious metal seems relentless at present, however, this level held as support in early 2015....