Wednesday, 24 February 2016

Markets fall, renminbi lower

Markets fell on Tuesday.

The S&P 500 and STOXX Europe 600 fell 1.2 percent, the Shanghai Composite Index fell 0.8 percent and the Nikkei 225 fell 0.4 percent.

US crude oil fell 4.6 percent.

Global growth worries were rekindled after the People’s Bank of China fixed the renminbi’s value against the dollar at a weaker level.

Kevin Kelly, chief investment officer at Recon Capital Partners, said that “we need economic data to really lend conviction that we won’t see growth slow down any further”.

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