Markets Fall on Worse than Expected Earnings
PUBLISHED ON: Jul 22, 2015
Chipotle Mexican Grill (CMG) is Up 8%Popular fast food burrito chain Chipotle (CMG) nailed its earnings reports last quarter.
Markets Across the World FallMarkets were down all over the world today, as foreign economies all contracted due to the strength of the dollar. Asia, which had been having a resurgence after a recent disastrous drop, was down big today. Japan's Nikkei -- typically a steady and stable indicator of the region -- fell by 245 points. The volatile Hang Seng lost 122.
In Europe and the UK, the losses were even worse. The economic climate there is dour at best, with Greece just barely pulling out of a tailspin before crashing entirely. London led the day for foreign losses, with its FTSE market shedding 1.50%. Germany was down as well, losing just 8- points on the day.
Speaking of Greece, banks there have loosened up and are allowing withdrawals of 400 Euros, up from just 60 last week. However most branches are still shuttered, and the majority of banking is being conducted either online or through the ATMs.
Oil Slips Even LowerNow is the time to keep your eyes on crude oil prices, since they've fallen below the $50 support level. There's no telling how low they could go before prices stabilize. We've talked before about why oil is dropping like a rock, but it's been months since we have seen it at prices this low.
The price of crude oil is at the lowest level since mid-January, where it was priced artificially low due to lack of demand. The summer months are in full swing now, demand is as high as it's going to get this year, and the price of crude is still falling through the basement.