Top 5 things to know today 11/01/2016

[Guest FoxTrader]

From Investing.com

 

1. China stocks plunge again

Chinese stocks markets plunged again on Monday, with the Shanghai Composite Indexand the CSI300 Index both closing down more than 5% despite efforts by Beijing to stabilize the market.

Last week, the Shanghai Composite lost all of its 2015 gains, falling by 10% in just five days.

The rest of Asia also closed down, with markets in Australia and Hong Kong both closing deep in the red.

 

2. Europe and U.S. markets look to shake off latest slide in China

European stocks saw a more steady start on Monday, with Germany’s DAX gaining ground as investors chose to ignore the downward trend in Asia and ongoing concerns over Chinese growth.

Elsewhere, U.S. stock futures were up between 0.2% and 0.4%, suggesting a strong open on Wall Street later in the day after stocks closed out their worst start to the year ever on Friday.

 

3. Oil swings lower on fresh worries

Oil prices held near the lowest levels in more than a decade on Monday, as further turmoil in the Chinese stock market added to concerns over the Asian nation’s economy.

China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Brent was last down 78 cents, or 2.3%, at $33.15, as of 11:15 GMT, or 6:15AM ET, whileU.S. crude fell 67 cents, or 2.02%, to $32.49.

 

4. Copper sinks to 6-1/2 year lows

Copper futures tumbled to the lowest level since April 2009 on Monday, as investors continued to focus on the deteriorating outlook for China and its impact on future demand prospects.

The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.

 

5. Alcoa (N:AA) unofficially kicks off Q4 earnings season

This week marks the start of fourth-quarter earnings season. 11 S&P-listed companies and two Dow components are set to report this week, with earnings ramping up the following week.

Alcoa will report after the market closes on Monday, in what is expected to be its worst quarterly results since early 2014.

JPMorgan Chase (N:JPM), Wells Fargo (N:WFC), Citigroup (N:C) and Intel (O:INTC) are scheduled to report results at the end of the week.

 

Happy days