Friday , August 12 2022

China's Oil Demand Declines and Wall Street Concern Americas Economy


New York .- The three major Wall Street indexes have raised concerns about global growth due to the weakening of the Chinese economy and the further drop in oil prices.

* Oil prices have fallen nearly 1%, the longest daily decline since 1984, due to evidence that global oil supplies have increased and the global economy has slowed since 1984.

"Falling oil prices is another sign that the global economy will slow growth," said Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance.

* Dow Jones Industrial Average Index <.DJI> The Standard & Poor's 500 index was down 201.92 points, or 0.77 percent, at 25,989.3. <.SPX> Down 25.82 points, or 0.92 percent, to 2,781.01. The Nasdaq Composite Index <.IXIC> That was down 123.98 points (1.65 percent) to 7,406.90.

* Energy S & P index <.SPSY> US crude oil prices fell 0.4 percent after falling 2.2 percent from the previous day. They recently retreated 20% from the peak and confirmed the weakness.

"I think it will be lower than the bottom of October," said Jim Paulsen, chief investment strategist, who said economic growth will slow down but the Fed will not slow down enough to keep up. Leuthold Group.

* Investors seemed reluctant to endure the risk, but the S & P index fell 1.7%. <.SPLRCT>. Shares of Apple Inc 1.9%, and semiconductor manufacturers <.SOX> They fell 1.9%.

Eight of the 11 major sectors of S & P closed down. Mass consumption <.SPLRCS> It was the biggest winner with 0.5% <.SPLRCU> real estate <.SPLRCR> They recorded modest progress.

* In the midst of a fierce trade dispute between the United States and China, inflation on Chinese producers has fallen for four consecutive months due to a contraction in domestic and production activity and a decline in car sales. .[nL2N1XK03O]

* According to China's report, world stocks plunged. On Wall Street, the industrial sector suffered the most. <.SPLRCI>, Lost 1%, and that of the basic supply <.SPLRCM>To 1.4 percent.

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