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Oil, gold, shares: Finance markets in rocky start to 2016 Stock markets in rocky start to 2016
(35 minutes later)
Share markets fell, while oil and gold prices rose, as rising tensions in the Middle East and more poor Chinese economic data spooked investors.Share markets fell, while oil and gold prices rose, as rising tensions in the Middle East and more poor Chinese economic data spooked investors.
Europe's main stock markets followed Asian exchanges lower, with the FTSE 100 down 2%, Germany's Dax 3.3% lower and France's Cac losing 2.1%.Europe's main stock markets followed Asian exchanges lower, with the FTSE 100 down 2%, Germany's Dax 3.3% lower and France's Cac losing 2.1%.
Worsening relations between Iran and Saudi Arabia have heightened concerns over possible oil supply disruptions.Worsening relations between Iran and Saudi Arabia have heightened concerns over possible oil supply disruptions.
That prompted a rise in the price of Brent crude oil, while gold rose 1%.That prompted a rise in the price of Brent crude oil, while gold rose 1%.
In Asia, trading on the Shanghai and Shenzhen stock exchanges was ended early after shares slumped 7%, the first time China's new "circuit breaker" intervened to curb market volatility.In Asia, trading on the Shanghai and Shenzhen stock exchanges was ended early after shares slumped 7%, the first time China's new "circuit breaker" intervened to curb market volatility.
The falls came after more signs of trouble in the world's second-largest economy.The falls came after more signs of trouble in the world's second-largest economy.
The Caixin/Markit purchasing managers' index slipped to 48.2 in December, marking the 10th consecutive month of shrinking factory activity in the sector. A reading below 50 indicated contraction.The Caixin/Markit purchasing managers' index slipped to 48.2 in December, marking the 10th consecutive month of shrinking factory activity in the sector. A reading below 50 indicated contraction.
That had a knock-on across the region. Japan's Nikkei 225 tumbled 3.1% and Hong Kong's Hang Seng retreated 2.6%. South Korea's Kospi closed 2.2% lower, led down by a 4.4% fall for Samsung amid worries about weaker trading at the tech giant.That had a knock-on across the region. Japan's Nikkei 225 tumbled 3.1% and Hong Kong's Hang Seng retreated 2.6%. South Korea's Kospi closed 2.2% lower, led down by a 4.4% fall for Samsung amid worries about weaker trading at the tech giant.
"Welcome to 2016, though you'd be forgiven for thinking the markets were back in August 2015 with China causing some early New Year issues," said Spreadex analyst Connor Campbell."Welcome to 2016, though you'd be forgiven for thinking the markets were back in August 2015 with China causing some early New Year issues," said Spreadex analyst Connor Campbell.
And Alastair McCaig, market analyst at IG, said: "Anyone hitting the trading floor expecting a calm and quiet start to 2016 was given a rude surprise as Asian chaos affected European markets."And Alastair McCaig, market analyst at IG, said: "Anyone hitting the trading floor expecting a calm and quiet start to 2016 was given a rude surprise as Asian chaos affected European markets."
TensionsTensions
Markets were also rattled by growing tensions between Middle East powerhouses Saudi Arabia and Iran over the execution of Shia cleric Nimr al-Nimr.Markets were also rattled by growing tensions between Middle East powerhouses Saudi Arabia and Iran over the execution of Shia cleric Nimr al-Nimr.
The execution in Saudi Arabia led to protests in Tehran. Saudi has cut diplomatic ties with Iran and given diplomats 48 hours to leave.The execution in Saudi Arabia led to protests in Tehran. Saudi has cut diplomatic ties with Iran and given diplomats 48 hours to leave.
Iran's supreme leader has warned Saudi Arabia it would face "quick consequences" for the execution.Iran's supreme leader has warned Saudi Arabia it would face "quick consequences" for the execution.
Fearing further upheaval in the already volatile Middle East, the US has urged regional leaders to try to ease tensions.Fearing further upheaval in the already volatile Middle East, the US has urged regional leaders to try to ease tensions.
The price of Brent crude initially rose more than 3% on Monday, before easing to $35.5 a barrel, still up almost 1%.The price of Brent crude initially rose more than 3% on Monday, before easing to $35.5 a barrel, still up almost 1%.
The price of US crude was up more than 2% to $37.81 a barrel.The price of US crude was up more than 2% to $37.81 a barrel.
Despite the oil price rise, Bernard Aw, market strategist at IG Markets in Singapore, said global crude oversupply would continue to weigh on prices over the longer term.Despite the oil price rise, Bernard Aw, market strategist at IG Markets in Singapore, said global crude oversupply would continue to weigh on prices over the longer term.
"Unless we see a convincing drop in oil output from these two nations, and the broader oil-producing community, the supply glut issue will persist, which means oil prices would remain under pressure for a longer period," he told the AFP news agency."Unless we see a convincing drop in oil output from these two nations, and the broader oil-producing community, the supply glut issue will persist, which means oil prices would remain under pressure for a longer period," he told the AFP news agency.
Oil prices are down by two-thirds since mid-2014, with analysts estimating that producers are pumping between 0.5 million and two million barrels of oil every day in excess of demand.Oil prices are down by two-thirds since mid-2014, with analysts estimating that producers are pumping between 0.5 million and two million barrels of oil every day in excess of demand.
Worries about the impact of Middle East tensions were underlined in the gold price, which rose more than 1% on Monday to $1,070.20 an ounce.Worries about the impact of Middle East tensions were underlined in the gold price, which rose more than 1% on Monday to $1,070.20 an ounce.
Gold is frequently seen as an alternative investment during times of geopolitical and financial uncertainties. The gold price lost 10% last year.Gold is frequently seen as an alternative investment during times of geopolitical and financial uncertainties. The gold price lost 10% last year.
Another traditional haven is the Swiss franc, which gained about 0.8% against both the dollar and the euro in early trading on Monday.Another traditional haven is the Swiss franc, which gained about 0.8% against both the dollar and the euro in early trading on Monday.