Japan's poor growth figures are hitting global markets

Oil prices are falling to six-year lows. People are worried demand from Japan will slow and production in the US will increase.

The Brent crude oil benchmark fell 1.47% today to $US48.47.

China’s currency, which had a series of devaluations last week, has stabilised. But it’s failing to calm the markets.

Japan’s economy, the second biggest in Asia after China, shrank in the second quarter from a year earlier, forcing the MSCI index of Asian shares down 0.8%.

The news has made the European markets volatile. The FTSE is down 0.36%, after an early rise, to 6527.11.

Here’s the yuan:

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