Market Update
US equities closed down 150 points, amid investor concerns over lower than expected earning’s results (Industrial Giant Caterpillar down 7.5%) and global concerns over China’s economic growth; Crude slid more than 5% in Tuesday’s session as Saudi Arabia pledged to meet any supply shortfalls and a risk averse sentiment spread throughout global markets. Saudi Energy Minister said OPEC and its allies are in “produce as much as you can mode” to meet demand and replace any looming shortages due to Iranian sanctions; Trump has deferred to Congress on US response to Kashoggi killing with Turkey rejecting the Saudi account of the killing; Copper and nickel declined (0.8% and 1.3%) amid persistent concerns about the outlook for the Chinese Economy, despite LME Copper Inventories falling to their lowest levels since April 2016.
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