Financial Markets Slump on Growth Concerns
SylviaHunt30Fears over global economic slowdown are eventually reflected in financial markets. Weak US ISM manufacturing and ADP employment report sent equities, oil and the US dollar lower. Both DJIA and S&P plunged more than -2% as led by the banking sector. The front-month contract for WTI crude declined -2.35%, the biggest fall in 3 weeks, as demand for oil will be affected if growth slows sharply. Surprising stock-builds in crude and gasoline added to worries. Gold price soared amid rising safe-haven demand. The benchmark Comex contract rose to a 1–month high of 1551.6 before closing at 1543.2, up +0.42%.
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Financial Markets Slump on Growth Concerns
