Key commodities feel heat of global pressure
Latest data showed factory index of China, the world's top commodity consumer, touched 49.8 for September, recording a second consecutive month of contraction since 2009 and reflecting concerns of a seventh straight quarter of economic slowdown. China's official data came after a similar measure from HSBC Holdings and Markit Economics, which showed an 11th successive contraction. Japanís Tankan index, which tracks large manufacturersí confidence, dropped to -3 for the last quarter. South Korean shipment tumbled for the third month. Euro zone manufacturing suffered its worst quarter since early 2009 when major economies were in recession.
The market is now awaiting a set of similar data for the US manufacturing, expected to be released late on Monday, and the jobless claims later this week, although some analysts say there is nothing to suggest any of the major economies wouldn't contract in the months to come. Investors have also started worrying that a series of stimulus measures will likely improve liquidity in markets but not step up real demand.
Front month brent crude oil futures shed 55 cents
Be the first to comment.