Monday, August 24, 2015

Singapore: Shares close down 4.3% on fears over China economy

Commodities sank to the lowest level in 16 years, joining a rout in global equities and emerging-market currencies on concern that China's economic slowdown will exacerbate gluts of everything from oil to metals.

The Bloomberg Commodity Index of 22 raw materials lost as much 1.7 per cent to 86.3542 points, the lowest level since August 1999. Resources stocks from BHP Billiton Ltd to Cnooc Ltd tumbled while Brent crude fell below US$45 a barrel for the first time since 2009.

"Sentiment is extremely negative across the commodity complex," Mark Keenan, head of commodities research for Asia at Societe Generale SA in Singapore, said in an e-mail.
"Markets are plagued by concerns of oversupply."

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