Stocks, Oil and Gold end week in the red on China woes

Chris Beauchamp IG

Global stock indices, oil and gold end week in negative territory as risk-off sentiment lingers, says Axel Rudolph, Senior Market Analyst at online trading platform IG.

Stocks drop as China crisis festers

“Global stock indices ended the week in the red as China's Evergrande Group filed for U.S. bancruptcy protection as part of one of the world's biggest debt restructurings. Growing anxiety over China's worsening property crisis also ended the seven-week bullish streak in the oil price as a weakening demand outlook led to its first weekly fall since mid-June."

US dollar sees fifth consecutive week of gains

“The greenback benefitted from flight-to-safety flows amid China's woes and has seen five consecutive weeks of gains, the most since May 2022. This in turn has led to the gold price hitting a five-month low while U.S. long dated yields rallied to levels last seen during the 2008 financial crisis. Investors wonder whether next week's Jackson Hole symposium could add fuel to the fire."

Author

Chris Beauchamp

EUR/USD gathers traction, approaches 1.1800

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GBP/USD challenges multi-day highs near 1.3530

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Gold remains bid and close to $5,200

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