Market Update:
U.S. stocks started the week on a sour note, with tech shares tumbling. The S&P 500 fell 2% to 2726 whilst the Dow Jones declined 2.3% to 25387; The US dollar began the week higher as concerns over global economic growth led to an equity market sell off; The US Commerce Department is deliberating on whether to impose tariffs on automobile imports to protect national security; Base Metal prices fell by up to 2.5% on the London Metals Exchange with lead down the most; Nickel declined to a fresh low this year after stockpiles in China rebounded while the country’s steel prices remain weak; Economists are forecasting the People’s Bank of China will cut interest rates with reductions expected as early as 2019; China’s Sinopec plans to boost natural gas supply by 18% for their coming winter to 18.2 BCM
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