Oil, Metals Drop With Ruble After China Data; Greek Stocks Slump

by Neil Denslow and Grant Smith August’s first full day of trading showed no let-up in July’s major themes — oil led commodities lower, currencies of resource-rich countries fell, Chinese stocks slid on economic concerns and European equities rose on earnings. Greek shares slumped as a five-week market suspension ended. Brent crude dropped 3 percent to $50.60 as of 8:47 a.m. in New York, following the biggest monthly slump in almost seven years, while aluminum fell to the lowest since July 2009. The ruble slipped to the weakest since March, alongside declines for the Canadian and Australian dollars. The Stoxx Europe 600 Index rose for a fifth day, as the Athens stock benchmark plummeted 16 percent and the Shanghai Composite Index added to its worst monthly drop since 2009. Commodities dropped after an official gauge of Chinese manufacturing slid to a five-month low and Iran said it will be able to bolster crude production within a week of sanctions ending. HSBC Holdings Plc and Heineken NV gained after results surpassed analyst expectations, while U.S. data showed household spending rose in June. National Bank of Greece SA tumbled by a 30 percent daily limit as the Athens exchange reopened following a halt during … continue reading

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