Thursday, May 23, 2024

The decline in global stock markets and the rise in oil and mineral prices


D + D – Normal size

The Western embargo on Russian oil led to a sharp rise in crude prices again yesterday, and a slump in global stock markets, which feared a recession in the global economy.

On Sunday evening, the price of a barrel of Brent North Sea crude fell to $ 140, well below its record low of 147.50, recorded in July 2008.

European stock markets fell sharply again yesterday, after falling 4 to 6% last Friday. During trading, the Frankfurt Stock Exchange fell 4.48%, Paris 4.25% and Milan 5.28%, while the London Stock Exchange fell 2.42%, the most flexible since the beginning of the crisis.

The Tokyo Stock Exchange fell 2.94% to its lowest level since November 2020, and the Shanghai Stock Exchange closed at 2.17%. In Hong Kong the 3.87% losses are the worst.

The performance of key US stock indices was initially mixed, and concerns were heightened by a sharp rise in inflation and a slowdown in economic growth.

The Dow Jones Industrial Average opened the trading session at Wall Street, down 0.10% at 33579.75 points, while the Standard & Poor’s 500 index was down 0.04% at 4,327.01 points.

In contrast, as a precedent since August 2020, as the price of an ounce of gold briefly crossed $ 2000, investors moved to safer havens, and the dollar rose 0.66% against the euro. During trading, West Texas Intermediate was up 7.45 percent at $ 124.29 a barrel and Brent North Sea was up 7.86% at $ 127.41.

Gas prices also rose significantly, with European prices rising by 60% to more than 300 euros per megawatt-hour.

See also  50.6 billion dirhams, the net profit of 41 listed national companies in the first half

The International Monetary Fund warned last Saturday that the escalation of the conflict in Ukraine could have “catastrophic” economic consequences on a global scale.

Metal prices continued to rise as aluminum crossed $ 4,000 per tonne for the first time and copper reached a new all-time high of $ 10,845 per tonne.


Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Navigating the World of Cryptocurrencies: How to Choose the Best Crypto Wallet

In the digital age where cryptocurrencies are rapidly gaining...

Unlock the easiest way to get EU citizenship of Slovenia and Romania with Union Permits

Due to the nature of their immigration programs, Slovenia...

The Ultimate Guide to Men’s Facials in Dubai

In the bustling city of Dubai, where the sun...