SEOUL, South Korea (AP) - China's Shanghai stock index sank to its lowest level in more than one year on Friday, as renewed concerns about the world's second-largest economy led global benchmarks lower. The price of oil fell again, hovering slightly above $30 per barrel.
SEOUL, South Korea (AP) — China's Shanghai stock index sank to its lowest level in more than one year on Friday, as renewed concerns about the world's second-largest economy led global benchmarks lower. The price of oil fell again, hovering slightly above $30 per barrel.
KEEPING SCORE: European stocks opened higher but quickly erased their gains. Britain's FTSE 100 fell 0.2 percent to 5,907.00 while Germany's DAX lost 0.4 percent to 9,760.47. France's CAC 40 dropped 0.6 percent to 4,285.10. Futures showed that Wall Street was set for losses. Dow futures fell 0.9 percent while S&P futures also dropped 0.9 percent.
ASIA'S DAY: The Shanghai Composite Index finished at 2,900.97, down 3.6 percent. It was its lowest close since Dec. 8, 2014, and also below its level during the summer when its crash sent jitters across global financial markets. Japan's Nikkei 225 lost 0.5 percent to 17,147.11 and South Korea's Kospi slid 1.1 percent to close at 1,878.87. Hong Kong's Hang Seng dropped 1.5 percent to 19,520.77. Australia's S&P/ASX 200 fell 0.3 percent to 4,892.80. Stocks in Southeast Asia were mixed.
CHINA CONCERNS: China's official Xinhua News Agency reported that banks' new yuan loans during the last month fell over a year earlier, in a sign that momentum for the credit that fuels economic growth was slowing.
THE QUOTE: "The fact that China's fiscal and monetary stimulus is not reaching China's most important part of the economy should be a major concern," said Angus Nicholson, a market analyst at IG in Melbourne, Australia. "China's ongoing consumption and tertiary sector growth requires the small and medium enterprises and private sectors to continue to thrive."
U.S. DATA WATCH: Investors may get more insight into how the U.S. economy and corporate America are doing on Friday. Reports on consumer sentiment, retail sales and manufacturing are due. Several big banks, including Citigroup and Wells Fargo, are scheduled to release quarterly earnings.
OIL: The price of crude oil fell again after a rebound in the previous session, hovering slightly above $30 a barrel. Benchmark U.S. crude fell $1.09 to $30.11 per barrel in New York. The contract rose 72 cents, or 2.4 percent, to close at $31.20 a barrel on Thursday. Brent crude, a benchmark for international oils, fell 69 cents to $30.19 per barrel in London.
CURRENCIES: The euro rose to $1.0890 from $1.0859, while the dollar fell to 117.60 yen from 118.20 yen.