China's stock markets shuttered again following fast slump; Aussie building approvals tumble; oil falls to US$33/bbl; gold jumps to US$1,100/oz; NZ$1 = 66.4 USc, TWI = 72.1

China's stock markets shuttered again following fast slump; Aussie building approvals tumble; oil falls to US$33/bbl; gold jumps to US$1,100/oz; NZ$1 = 66.4 USc, TWI = 72.1

Here's a special update of some key events and data out today.

Trading on the Shanghai and Shenzhen stock markets has been called off for the day after the CSI 300 Index tumbled -7% by 9.58am local time, triggering the second stage of their 'circuit breaker'.

Trading was earlier halted for 15 minutes at 9.42am after the index fell more than -5%. It took just another minute for the index to fall a further -2% when trading resumed, with the markets trading for only 13 minutes in total.

These markets are now at their lowest point in more than five years.

Gulp.

And in Australia, data out today revealed a worrying trend in their construction industry. Building consents were down more than -12% in November from October, and are down -8% year-on-year. Analysts were expecting only a minor pullback. Of special concern is the pullback in housing renovation work; that is down a whopping -23% from October, -14% year-on-year.

The oil price has slumped even further today. Now, both the US and Brent prices are at just US$33/bbl. Prices under US$30 are in sight.

Gold is up again, now at US$1,100/oz.

The UST benchmark 10yr bond yield is resuming its slide, now down to 2.18%.

The NZ dollar has fared fairly well in the circumstances. It is at 66.4 USc, and has risen sharply against the Aussie to 94.3 AUc. The TWI-5 is holding at 72.1.

The easiest place to stay up with event risk over the holiday period is by following our Economic Calendar here »

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NZD
End of day UTC
Source: CoinDesk

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2016 getting worse by the day?

Interestingly the Chinese stock market was the only major market in the world not to go down yesterday, which I thought was peculiar. It now seems that it was probably some Gov't Agency doing the buying and when it stopped the dam just burst.

Gold ETF in Australia advances almost 7% in a day.

Is China looking for a bottom. Based on what you hear about the market's investors are they all jumping off trying not to be last? Where does it end. Will they remove the ban on trading by larger firms? Time will tell I suppose. And surprising to see the NZD barely flinch.

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