Market Update:
U.S. stocks fell Tuesday as sinking oil prices hit energy companies, tech hardware continued to plunge and retailers struggled to perform despite the coming Christmas season. The Dow Jones fell 2.2% to 24466 whilst the S&P 500 declined 1.8% 2642; President Donald Trump says he wouldn’t let the murder of U.S-based columnist Jamal Khashoggi jeopardize U.S. relations with Saudi Arabia, citing the potential impact on oil prices; Oil has tumbled below $53 a barrel, the first time within a year amid concern OPEC’s plans to cut production won’t be enough to offset a surge in stockpiles, oil futures decreased more than 7 percent in New York and London overnight; The Philippines and China have signed a framework agreement on joint oil and gas exploration in the South China Sea; China’s move to sharply curtail imports will have the greatest price impact on lower quality, sub-5,600 kcal/kg thermal coal as this accounts for about 95% of country’s purchases; Base metal prices were mainly down overnight on the LME with zinc and lead contracting the largest by 1.9% and 2.2% respectively.
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