US stocks suffer worst week in a decade

US stocks suffered one of the worst weekly falls in a decade as trade tensions with China, interest rate rises and a possible government shutdown rattled markets. All three indexes closed lower, with the technology-focused Nasdaq down 20% since its peak, placing it in so-called “bear market” territory. The Dow Jones Industrial Average recorded its biggest weekly drop in percentage terms since 2008. The S&P 500 fell 7% for the week. It is the biggest weekly percentage drop since August 2011 while the Nasdaq’s 8.36% decline is the sharpest since November 2008. Read more @ https://www.bbc.com/news/business-46654064

Gold To Enjoy Its Solid Gains, But Year-End Rally Looks Unlikely — Analysts

After hitting a fresh five-month high, gold is likely to pause while enjoying its recent gains during next week’s thin holiday trading, according to analysts. The top three drivers for gold this week have been the Federal Reserve, weaker U.S. dollar, and volatile equity markets, which pushed the precious metal to a high of $1,269.60 — the highest level since July. The February Comex gold futures last traded at $1,261.70, down 0.49% on the day, but up 1.65% on the week. “The combination of Dollar weakness, volatile equity markets and expectations of fewer rate hikes in 2019 boosted buying sentiment towards the yellow metal,” said FXTM research analyst Lukman Otunuga. Read More @ https://www.kitco.com/news/2018-12-21/Gold-To-Enjoy-Its-Solid-Gains-But-Year-End-Rally-Looks-Unlikely-Analysts.html

Big Oil Stocks Crash As Crude Prices Tumble

Shares in the largest oil companies in Europe dropped to their lowest level in eight months on Tuesday, dragged down by across-the-board equity sell-offs in global markets and tumbling oil prices due to fears of oversupply and slowing economic growth. Shares in Shell, Total, Eni, and Equinor were all down in the early afternoon in Europe on Tuesday, while Aker BP led the losses in the oil sector with more than a 9-percent decline. Apart from the sector and global sell-offs, Shell was also dragged down by a report by Bloomberg, saying that the supermajor is in talks to buy Midland, Texas-based Endeavor Energy Resources for some US$8 billion, nearly half what Endeavor Energy Resources was hoping to get earlier this year. Exxon, Chevron, and ConocoPhillips have also considered bidding for Endeavor, but they have decided not to, people familiar with the matter told Bloomberg. Read more @ https://oilprice.com/Energy/Energy-General/Big-Oil-Stocks-Crash-As-Crude-Prices-Tumble.html

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1 Comment
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