US stock markets were broadly resilient on Monday amid weak economic data from China and the US. The leading Dow Jones industrial average was last up 0.01 percent at 33,765 points. The benchmark S&P 500 fell 0.1 percent to 4,274 points. The tech-heavy and bullish Nasdaq 100 rose to a low of 13,570 points.
Sentiment among industrial firms in the US state of New York fell unexpectedly sharply in August, as measured by the Empire State Index. In addition, Chinese retail sales and industrial production grew more slowly than experts expected in July. Giving fresh impetus to the economy, China’s central bank surprisingly cut interest rates on one-year refinancing transactions with banks for the first time since January.
Oanda analyst Craig Erlam commented that the news from China was “very disappointing, to say the least”. They painted a bleak picture of domestic demand and growth prospects.
Concerns that a faltering Chinese economy could dampen demand for oil dragged down oil prices on Monday — and along with them prices for oil producers. So they lost the documents Chevrons The Dow was the weakest at 3.1 percent. Titles ExxonMobil 3.8 percent decline Conocophillips 4.0 percent.
This was particularly difficult Turquoise Mountain A Canadian petroleum subsidiary Rio Tinto . In addition to oil prices, there was another reason: management rejected Rio Tinto’s offer to buy the remaining 49.2 percent and demanded more money. Shares in New York-listed Turquoise Hill fell 11.4 percent.
(With material from dpa-AfX)