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MORNING BELL: China fears intensify rout

Crude oil prices rose in Asia on Tuesday with China again in focus, but investors noting the combination of a weak dollar and recent declines offering a potential good buying opportunity. On the New York Mercantile Exchange, WTI crude for October delivery gained 0.35%, to $38.38 a barrel with the near term focuses on China and industry estimates from the American Petroleum Institute on U.S stockpiles last week of crude and refined products. On the Intercontinental Exchange (ICE), Brent crude for October delivery wavered between $42.53 and $45.47 a barrel before closing at $42.62, down 2.85 or 6.24% on the day.

In an otherwise thin data day regionally, plays for safe-haven assets will likely dominate. AUD/USD traded at 0.7147, down 0.13%, while USD/JPY changed hands at 118.42, up 0.01%. EUR/USD was quoted at 1.1594, down 0.22%. The U.S. Dollar Index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11%, at 93.28.

Asian stocks looked vulnerable to another sell-off on Tuesday, with investors gripped by fears of a hard landing for the Chinese economy, the world's most important growth engine. Japan's Nikkei index fell 3.8 percent to six-month lows while the MSCI's broadest index of Asia-Pacific shares outside Japan hit fresh three-year lows. MSCI's all-country world index fell 3.8 percent on Monday to a 10.5-month low, its biggest fall in almost four years. It has lost 9.2 percent over five days.

On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.16%, to $1,151.90 a troy ounce. Silver for September delivery rose 0.23%, to $14.775 a troy ounce. Copper for September rose 0.23%, at $2.248 a pound.

 

 

 



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