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In the A-shares market, an index tracking oil and gas companies compiled by Wind Information tumbled 1.75% in the morning session on Tuesday, making it the worst performing sector, compared to 0.26% gain for the benchmark Shanghai Composite Index. Precious metal companies, base metal companies, petrochemical companies and coal miners declined by 1.7%, 1.4%, 1.3% and 1.2%, respectively.
A key gauge for raw materials prices has tumbled to the lowest in eight months amid mounting fears of a global recession. The Bloomberg Commodity Spot Index, which tracks futures contracts for everything from oil to copper and wheat, fell 1.6% to settle at its lowest level since Jan. 24. The measure has lost almost 22% since peaking in June and has erased all of its gains since Russia’s invasion of Ukraine.
Brent crude dropped below $85 a barrel on Monday, as recession fears weighed and the US dollar surged. Brent futures for November settlement shed 2.1% to trade at $84.32 per barrel around 1:20 p.m. on Wall Street. West Texas Intermediate futures fell 2.3% to trade at $76.97 per barrel, a price last seen in early January.
The US Dollar Index surged to a high not seen since 2002 Monday, while sterling tumbled to a record low against the currency.