Abstract Beijing time on the 12th morning news, according to Bloomberg News, China's downward adjustment of the central parity of the RMB exchange rate triggered a global market chain reaction, which put pressure on the stock market, emerging markets and commodity markets, while boosting the bond market, people are worried about the world's second largest The growth of the economy will emerge...
Beijing time on the morning of the 12th, according to Bloomberg News, China's downward adjustment of the central parity of the RMB exchange rate triggered a global market chain reaction, which put pressure on the stock market, emerging markets and commodity markets, while boosting the bond market, people are worried about the world's second largest economy The growth of the body will show a deeper slowdown. At 1 pm New York time, the S&P 500 fell 1.2%, possibly the biggest drop in a month. Oil prices tumbled 4% to 3 and the lowest point since the share, industrial metals were sold off, pushing the Bloomberg Commodity Index lower. Asian currencies have fallen as the dollar has risen. Emerging market stocks fell to the edge of the bear market, while demand for safe haven for US bonds and gold soared.
Unexpected moves by Chinese policymakers support the Fed’s speculation to postpone interest rate hikes, as slowing economic growth outside the US could hurt the US economy, while falling commodity prices have curbed inflation. Companies that rely on selling to China are the most heavily sold. China is the world's largest consumer of energy and metals.
Auto stocks and luxury goods stocks fell as the depreciation of the yuan would hurt the purchasing power of Chinese consumers. General Motors and Ford fell more than 2.2%. Tiffany fell 1.9%. Apple fell 3.7%.
Google bucked the trend, rising 3.5%, after saying that the company will be reorganized into a new holding company "Alphabet Inc."
Commodity stocks led the decline in the Standard & Poor's 500 index, and two-thirds of the index's gains on Monday were erased. The oil price fell, after hitting the biggest gain in the New York market in a month. The recovery of Iranian crude oil production pushed OPEC crude oil supply to the highest level in more than three years. West Texas Intermediate crude oil fell to $43.16 a barrel, and Brent crude oil fell 3% to $48.89.
Freeport McMillan fell 14%, the largest decline in the S&P 500 index, as copper, nickel and tin prices fell by at least 2.5% in the London market. Aluminum prices fell 2% after Goldman Sachs lowered its aluminum price forecast.
Gold spot regained earlier losses, rising 0.6% to $1,111.22 an ounce, while silver and platinum were also driven higher by safe-haven demand.
US Treasury bonds rose, pushing 10-year US Treasury yields down 8 basis points to 2.15%, the lowest level in a week. (Source: Bloomberg)
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