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Share prices likely to close week relatively unscathed by Black Monday Share prices likely to close week relatively unscathed by Black Monday
(about 5 hours later)
Global share prices looked to be closing a dramatic week barely changed from how they began it, despite volatile movements that saw indices fall more than at anytime in the the past six years. Global share prices look to be closing a dramatic week barely changed from how they began it, despite volatile movements that saw indices fall more than at any time in the past six years.
In some markets, share prices plunged about 7% before recovering to levels at which they ended last week before China’s “Black Monday” crash. In some markets, share prices plunged about 7% before recovering on Friday to the levels at which they ended last week before China’s “Black Monday” crash.
“It looks like we’ve got a bit of a breather after a crazy week,” said one trader in London. One trader in London said: “It looks like we’ve got a bit of a breather after a crazy week.”
The FTSE 100 hovered around the 6,200-point mark having started a the week at 6,188 before falling as low as 5,779.2. In Germany, the Dax started at 10,124 and was trading marginally higher on Friday at about 10,230. The Shanghai Composite index, the stock market responsible for all the global jitters, was still trading lower though, closing the week at 3,244 after starting it at 3,507. Heading into the final hour of trading, the FTSE 100 hovered about the 6,200-point mark, having started a the week at 6,188 before falling as low as 5,779.2. In Germany, the Dax began at 10,124 and was trading marginally higher on Friday afternoon at about 10,243. The Shanghai Composite Index, the stock market responsible for all the global jitters, was still trading lower, closing the week at 3,244 after starting it at 3,507.
“It’s largely been a case of fast money trading in thin markets,” said the London trader, adding that he had not seen much evidence of long-term shareholders bailing out of stocks. “That doesn’t mean there aren’t real issues for the Chinese markets.”“It’s largely been a case of fast money trading in thin markets,” said the London trader, adding that he had not seen much evidence of long-term shareholders bailing out of stocks. “That doesn’t mean there aren’t real issues for the Chinese markets.”
As some investors panicked during the market turmoil earlier in the week, others used it to their advantage. On Friday, a Japanese day trader claimed to have walked away with a profit of $34m (£22m) after he bet against the Nikkei 225 Stock Average, Bloomberg reported.As some investors panicked during the market turmoil earlier in the week, others used it to their advantage. On Friday, a Japanese day trader claimed to have walked away with a profit of $34m (£22m) after he bet against the Nikkei 225 Stock Average, Bloomberg reported.
Fears of a slowdown in global economic growth have triggered big price swings across equities, currencies and commodities this week. These fears have yet to leave the market, traders and strategists said, even if loose monetary policy is expected to support stock prices. Fears of a slowdown in global economic growth have triggered big price swings across equities, currencies and commodities this week. Traders and strategists said these fears have yet to leave the market, even if loose monetary policy is expected to support stock prices.
The FTSE Eurofirst 300, an index of Europe’s top companies, was down 0.6%, falling slightly below its closing level last Friday but still broadly flat on the week. The FTSEurofirst 300, an index of Europe’s top companies, was down 0.6%, falling slightly below its closing level last Friday but still broadly flat on the week.
The top performing sectors were energy and mining, riding a rise in oil prices on the back of their biggest daily climb in six years.The top performing sectors were energy and mining, riding a rise in oil prices on the back of their biggest daily climb in six years.
Oil prices had their biggest one-day bounce since 2009 on Thursday, with North Sea Brent and US light crude rising more than 10%. US crude is on track for its first weekly gain in nine weeks, ending its longest decline since 1986. Oil prices had their biggest one-day bounce since 2009 on Thursday, with North Sea Brent and US light crude up by more than 10%. US crude is on track for its first weekly gain in nine weeks, ending its longest decline since 1986.
Global oil markets have fallen by a third since May and are still well under half their value a year ago thanks to a huge oversupply of fuel and sluggish demand. Worries about China’s economy have compounded the falls in recent weeks. Global oil markets have fallen by a third since May and are still well under half their value a year ago, thanks to a huge oversupply of fuel and sluggish demand. Worries about China’s economy have compounded the falls in recent weeks.
But analysts said oil markets fell too far, too fast and a rebound was on the cards. A stock market rise, strong US growth data and a pipeline outage in Nigeria provided an excuse for a recovery on Thursday, they added. But analysts said oil markets fell too far, too fast and a rebound was on the cards. A stock market rise, strong US growth data and a pipeline outage in Nigeria provided an excuse for a recovery on Thursday, they said.
The US markets opened mainly lower, putting a two-day rally to an end, but indices had still largely recovered the losses they incurred during the week.
The Dow Jones opened down about 0.4% at 16,582, having started the week at 16,459.
The more technology focused Nasdaq index traded about 4,806, against 4,706 at the beginning of the week, and the S&P 500 traded about 0.3% lower in the morning at 1,987, against 1,970 ahead of the China markets panic.