KQEH Nightly Business Report June 22, 2024
Succeeded. In a surprise move, the worlds second largest economy devalued its currency by nearly 2 against the u. S. Dollar. Its largest devalue situation in 20 years. A weaker yuan would make chinas goods more affordable to foreign buyers so its being interpreted that chinas economy is in jeopardy of a deeper slow down which sent stocks tumbling. The dow jones fell to 17,402. Nasdaq dropped 65 and the s p 500 sank 20. Commodities also came under pressure since china is a big buyer of them. Oil fell to a sixyear low, down 4 to 4308 and a report from opec showed output increased to a threeyear ...