Chinese stock exchanges in Shenzhen and Shanghai suspend their circuit-breakers January 7, 2016 We learned this morning that Chinese market circuit-breakers are like buses: you wait ages for one and then two come along at once. But clearly two of the country's largest stock exchanges have had enough: today the Shanghai and Shenzhen stock exchanges issued statements saying they're scrapping the circuit-breaker. They're suspending their suspensions The circuit-breaker [...]
Bitcoin price soars past $450 on the back of China turbulence January 7, 2016 Bitcoin is having a roaring start to 2016 so far. While the pound has fallen to a five-year low against the dollar amid another turbulent day in China, bitcoin has benefited from the drama to go on a tear to $450 and beyond, hitting its highest point since Christmas. The cryptocurrency started the day at [...]
China Securities Regulatory Commission scraps stock circuit breaker rule as FTSE 100 and global markets tumble January 7, 2016 We learned yesterday morning that Chinese market circuit-breakers are like buses: you wait ages for one and then two come along at once. But clearly two of the country's largest stock exchanges have had enough: China Securities Regulatory Commission stock exchanges issued a statement saying it is scrapping the circuit-breaker, which has halted trading on the country's stock markets twice [...]
Anglo American share price tanks January 7, 2016 Anglo American was one of the worst performer on the FTSE 100 today, with its shares tumbling to a new record low after a brief but brutal trading session in China pounded global commodity prices. Anglo tumbled as much as 12 per cent at 238.15p per share in late morning trade. The fall takes the embattled miner's losses [...]
Brent crude oil price slides below $33 after PBOC depreciates renminbi January 7, 2016 Brent oil crashed to an almost-12-year-low today, after a Chinese stock market sell-off caused trading to be suspended for the second time this week. Brent crude, the global benchmark, was down five per cent at $32.16 per barrel. West Texas Intermediate (WTI) crude, the US benchmark, slumped 3.53 per cent at $32.77. Earlier today, the People's [...]
Sterling drops to five-year low against the dollar January 7, 2016 The pound hit a five-and-a-half-year low against the dollar today, as markets tumbled in the wake of turbulent trading in China. The pound was buying $1.4568 in mid-morning trading, after falling 0.42 per cent. It was also 8.2 per cent below its 2015 peak of 1.5883. Sterling was also down 1.16 per cent against the euro and [...]
How low can yuan go? Trading on the CSI 300, Shenzhen Composite and Shanghai Composite suspended after People’s Bank of China’s devalues renminbi January 7, 2016 Trading on China's stock markets has been suspended for the second time this week, after China accelerated the depreciation of the renminbi, a move which rippled through regional currencies and domestic stock markets. The so-called circuit-breaker was triggered after just 870 seconds (that's just under 15 minutes) of trading, helping China's stock market clock the shortest trading [...]
More to capitalism than good economic growth January 7, 2016 What are the hallmarks of capitalism? Typically you might think of cities, skyscrapers, banks, insurers, people in sharp suits, and so on. These are some symptoms of a market-orientated economy, for sure, but they do not tell the whole picture. There are two factors that accurately signal the degree to which a society is free [...]
Chancellor George Osborne warns on dangerous threats to UK economy January 7, 2016 Britain's financial wellbeing could come under threat from global economic shocks, chancellor George Osborne will say today. “Last year was the worst for global growth since the crash and this year opens with a dangerous cocktail of new threats,” he will tell business leaders in Cardiff. Slowdowns in Brazil, Russia and China pose a major [...]
FTSE 100 index closes down as concerns over China cause mining stocks to fall January 6, 2016 The FTSE 100 index closed down today, dragged lower by mining stocks as concerns over China continued. The index closed 1.04 per cent down at 6,073 points, despite strong gains made by BAE Systems. "BAE topped the FTSE 100, as investors sought out defence stocks after North Korea’s nuclear weapon test," said Jasper Lawler, an analyst at [...]