23 Dec 2014
Asian stocks falter, Russian woes worsen – Investec
FXStreet (Barcelona) - The Investec Team shares that Asian equity markets presented a dismal performance with the Chinese markets falling by 3.0%, further adding that warnings from the Russian Finance Minister regarding the country facing a full blown economic crisis has only added to Ruble’s woes.
Key Quotes
“Equity markets in the US rose to new highs on Monday with technology firms being the main gainers. The Dow rose 154.64 points or 0.87% to 17,959.4 while the S&P 500 gained 7.89 points or 0.38% to 2,078.5. However, despite these moves in the US overnight, Asian equity markets did not fare quite as well with Chinese markets falling by 3.0%.”
“In Australia the S&P index closed down 1.1% at 5,380.9. It was revealed that Western Australia, once the economic lynchpin of the Australian economy, had recorded its first budget deficit In 15 years as royalties from iron ore plunged, hitting investor confidence.“
“As if the woes for Russia couldn’t get any worse the former Russian finance minister has warned the country faces a full blown economic crisis and will enter recession next year. The warning came after Russia’s central bank lent Trust Bank 30bn Roubles (£339m) to stop it going bankrupt.”
“Despite the collapse of the Rouble we have seen over the last week the currency actually made back some ground yesterday gaining over 8% versus the dollar.”
Key Quotes
“Equity markets in the US rose to new highs on Monday with technology firms being the main gainers. The Dow rose 154.64 points or 0.87% to 17,959.4 while the S&P 500 gained 7.89 points or 0.38% to 2,078.5. However, despite these moves in the US overnight, Asian equity markets did not fare quite as well with Chinese markets falling by 3.0%.”
“In Australia the S&P index closed down 1.1% at 5,380.9. It was revealed that Western Australia, once the economic lynchpin of the Australian economy, had recorded its first budget deficit In 15 years as royalties from iron ore plunged, hitting investor confidence.“
“As if the woes for Russia couldn’t get any worse the former Russian finance minister has warned the country faces a full blown economic crisis and will enter recession next year. The warning came after Russia’s central bank lent Trust Bank 30bn Roubles (£339m) to stop it going bankrupt.”
“Despite the collapse of the Rouble we have seen over the last week the currency actually made back some ground yesterday gaining over 8% versus the dollar.”