Stocks Lower on Chinese Selloff
U.S. stocks hold near the flatline this morning
despite an 8% drop in the Shanghai Composite last night. Bond
yields are approaching 5%, which challenges the appeal of stocks.
July crude futures are higher by 1.4% to $66.02 per barrel
after reports that supplies in Nigeria may be further disrupted. Gold
futures for August delivery are also higher this morning after the
Dollar continues to weaken against the Euro. Gold futures are higher by
0.3% to $678.70 an ounce.
Around Asia, Shanghai’s Composite
dropped 8.3% to close at 3,670.40, Hong Kong’s Hang Seng rose 0.6%
to 20,729.59, and Tokyo’s Nikkei finished fractionally higher to
17,973.42.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com