Economics
Commodities Take Global Hit as Turkey, China Form Toxic Combo
- Copper moves into bear market, oil plunges to lowest in weeks
- ‘It’s going to be difficult to shake this bearish sentiment’
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Name the commodity, and you can pretty much bet they’re having a bad day, thanks to growing fears that global economic growth will be undercut by Turkey’s financial crisis and China’s trade war.
Copper fell into a bear market amid concern Turkey’s troubles could spill over to other emerging markets. Oil in New York fell to its lowest level in almost eight weeks. And even gold, typically a haven, wasn’t spared. The Bloomberg Commodity Index covering everything from oil to metals and live cattle plunged to a one-year low.