World markets crushed, Crude Oil below 29$

World markets shrunk today. During Asian session the Shanghai Composite dropped 3.55% entering a bear-market. European major indexes slipped by more than 2%. U.S stock market plummeted either affected even more negatively by U.S economic data release, which raised doubts about the strength of the economy. Retail sales declined by 0.1% and industrial production weakened in December.

Major U.S indices have the following performance today.

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  • DJIA dropped 2.39% closing at 15,988.08.
  • Nasdaq Composite lost 126.59 points and closed at 4,488.42, which represents a 2.74% decline.
  • S&P 500 sunk to its lowest level since October 2014. It lost 2.16% today.

S&P 500 and DJIA posted their worst two-week start to year on record.

Oil prices sharply dropped today. WTI Crude oil trades at 29.42 as of 17:00 ET, down 5.71% from its previous close. Brent Crude lost 5.63% as of 17:24 ET. It even sunk below 29$ during the day hitting its lowest price of 28.82. Oil had its worst two-week decline since 2008 financial crisis. According to some analysts from Goldman Sachs crude prices could hit even 20$.

EUR/USD traded in the range of 1.086-1.098 today. It closes at 1.0912, up 0.46%. The pair is trading below 1.1 for 6 weeks in a row. This level has become a resistance zone. Moreover it’s the level where a 20-week moving average stands.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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