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: