Arab Today, arab today markets dive on judgement day
Last Updated : GMT 06:21:24
Arab Today, arab today
Arab Today, arab today

Markets dive on judgement day

Arab Today, arab today

Arab Today, arab today Markets dive on judgement day

Abu Dhabi - Arabstoday

Global crude oil futures declined yesterday as global equity markets dropped, the dollar fell against the Franc and the Yen, and gold hit a new record, all direct fallouts of last week\'s downgrade of US debt by credit ratings agency Standard & Poor\'s (S&P). Benefiting from the gloom, gold climbed to an all-time high above $1,715 an ounce, its 11th record in 19 sessions, as investors snapped up the precious metal. Gold has gained more than 20 per cent so far this year. Dominic Schnider, executive director for wealth management research at UBS, said gold may even be headed to $2,000 per ounce. Oil prices fell more than $3 a barrel in early trade over fears of slowing energy demand in the US, the world\'s largest importer of crude. The market is bracing for lower global oil demand in the weeks ahead as increase in interest rates in China and India seem to have slammed brakes on new oil demand from Asia. Uncharted territory At 1755 hours Abu Dhabi time yesterday, light sweet crude oil (WTI) futures for September 2011 delivery in the United States were trading 2.83 per cent lower at $84.05 a barrel on the New York Mercantile Exchange. Brent crude futures slumped to $105.43 before edging up to around $106.00 by 1245 GMT. Goldman Sachs said yesterday it maintained overweight recommendation on commodities and oil relative to other assets. \"How much further oil prices will go down is anybody\'s guess. We are in uncharted territory,\" Kate Dourian, Middle East editor for Platts, a global energy information provider, told Gulf News. \"The fundamentals of the market haven\'t changed,\" said Dourian. The S&P stripped the US of its prized AAA credit rating, lowering it one level to AA+ while keeping the outlook at ‘negative,\' for the first time since 1941, stating that the US government hadn\'t done enough to stem mounting debt. The US narrowly missed defaulting on its debt obligations by agreeing to raise the nation\'s borrowing ceiling on August 2. The total US government debt — in excess of $14.3 trillion — is at uncomfortable levels as this is very close to the country\'s overall gross domestic product (GDP). The downgrade stoked fears that the borrowing costs for the world\'s largest economy, which is currently grappling with an economic slowdown, are going to increase, which may send the country and the global economy spiralling back into recession.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today markets dive on judgement day Arab Today, arab today markets dive on judgement day

 



Arab Today, arab today
Arab Today, arab today Accessories designer reveals her new collection

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemeni official warns education is under threat

GMT 12:03 2017 Tuesday ,14 March

Yemeni official warns education is under threat
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 13:11 2017 Tuesday ,21 March

Web-based counseling lowers blood pressure

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 22:39 2017 Thursday ,09 March

Zuhair Murad presents his new collection "Resorts"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday