Wall Street heads to the sky After Global Downturn
Updated: Aug 28, 2022
By Sneha Jain
Wall Street heads for gains after world shares sink Wall Street pointed toward gains in premarket trading Tuesday after world share prices sunk lower, with Hong Kong down almost 6% and Shanghai losing 5%. Oil prices slid about 8% as virus lockdowns and rising numbers of COVID cases in China threaten to disrupt manufacturing and trade.
It followed a decision by China's central bank not to ease interest rates to spur economic growth. Shares in Hong Kong have sunk to near six-year lows after the neighboring city of Shenzhen was ordered into a shutdown to combat China's worst COVID-19 outbreak in two years.
In other developments, the London Metal Exchange said trading in nickel will resume Wednesday, just over a week after it was suspended when the price of the metal skyrocketed to over $100,000 per ton.