Spreadex Market Update
Asian stocks retreated overnight
Asian stocks retreated overnight, adding to further global losses as the fear of an international economic slowdown rippled the markets. The regional benchmark index headed for a six-month low, following steep losses towards the end of the US session. The S&P swung between gains and losses during yesterday’s session before closing below its 200-day moving average. The S&P has experienced a 4.8 percent drop in the last three days, the biggest drop since November 2011.
WTI crude extended its retreat from the lowest price in 22 months on continued speculation rising US stockpiles are over supplying the market, driving prices into a bear market. Shale supplies have boosted US output to the highest level in almost 30 years amid signs of weakening global demand. Speculation is that they will be competing for market share rather than reducing supply.
Gold traded near the highest level in almost four weeks on speculation the US Federal Reserve may delay raising borrowing costs. The slowing global growth has continued to hurt the dollar and gives the Fed little reason to increase interest rates.
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