Daily Business Wrap - Global markets in the red
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00:00Hello everybody, this is Scott Sugar, I'm the business editor here at Gulf News.
00:05Alright, hang on to your hats, it's going to be another rough night.
00:08Now, if you haven't seen the news from last night, what we saw was a global market sell-off.
00:14The Dow Jones Industrial fell about 500 points and that's following the previous day where it dropped about 400 points.
00:21Markets across the world are red today and there is some concern about oil,
00:26which has dropped almost 4% last night, it's down to about $62, $63 a barrel.
00:31Everyone's asking, well, what's going on?
00:33Well, there's a lot of concern about there, about a couple of things specifically.
00:37First, of course, is corporate earnings.
00:39Everyone's been looking at those for some time.
00:41They've been on a rise now for almost nine years and a lot of markets are saying they're beginning to peter out.
00:45On top of that, we have the global trade war, which is still dragging on
00:49and people are beginning to see effects of it in the marketplace and in prices
00:53and those are also beginning to have an effect on the markets and the markets are simply getting spooked
00:58and people are feeling the best place to put their money right now is back in good old hard cash.
01:03Now, there's also a concern about energy and this is also based on concern about long-term global growth.
01:08Energy is down.
01:10It's probably going to continue to go in, but we're really waiting for this afternoon's announcement of U.S. stockpile information,
01:17which is expected to not necessarily be.
01:20There may be another oil glut and that could see prices fall even further.
01:25All right.
01:26That is the main focus for today and we'll be watching this closely throughout the night and we'll see how things open up.
01:31We might actually see some, a little bit of a green when the U.S. markets open up,
01:35but people are saying in the long term, it's still going to be a rough night.
01:39All right, everyone.
01:40I'm Scott Shuey.
01:41Keep checking back at gulfnews.com for the latest news.
01:43Thanks for watching.
01:47Music.
01:48.