Global Equities Collapse Once Again
Global stock markets were dragged lower, following a sharp overnight selloff on Wall Street, amid worries about a potential economic slowdown and the state of the US-China trade war. The moves come after Wall Street tumbled on Tuesday, with the Dow closing down nearly 800 points, while the S&P 500 dropped more than 3% and the Nasdaq Composite plunged 3.8%.
The British pound remains weak while investors are focused on any further political developments in the UK, as lawmakers continue to debate Westminster's Brexit plan. Prime Minister Theresa May suffered a series of embarrassing defeats in Parliament on Tuesday, prompting sterling to fall to its lowest level since June 2017. The British currency will probably remain under pressure ahead of the key parliamentary vote on the Brexit deal on December 11, amid doubts over whether the vote will pass.
Oil prices fall once again ahead of OPEC+ meeting on Thursday. Prices were also pressured by a weekly report from the American Petroleum Institute that said US crude inventories rose by 5.4 million barrels in the week ended November 30. WTI crude oil lost 0.5%, to $52.98 a barrel. Meanwhile, Brent crude oil fell by about 0.5%, to $61.76 per barrel.