Financial Markets Tumbled on Moody’s Downgrades, Poor Economic Data

Financial market tumbled on Thursday as driven by poor economic data in China, the Eurozone and the US. Worse still, Moody’s downgraded credit ratings of 15 large banks in the world. Wall Street slumped with the DJIA and S&P 500 losing -1.96% and -2.23% respectively. In the commodity sector, crude oil prices tumbled with the front-month contract for WTI crude oil plummeted to a new 8-month low of 77.93 before ending the day at 78.2, down -3.99%, while the equivalent Brent crude contract declined for a 4 consecutive day to as low as 88.9 before settling at 89.23, down -3.73%.

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Financial Markets Tumbled on Moody’s Downgrades, Poor Economic Data