Wednesday, January 7, 2015

UK markets Lost more than £30 billion, Euro dips to 9-yr low, Brent crude oil drops below $50

oil, crude oil, euro, Euro, Europe Economy

The world economy is in chaos as the value of UK firms plunge losing more than £30 billion on Monday as world markets felt the effects of Greece potentially leaving the euro currency.

London’s FTSE 100 index lost 130.64 points closing at 6417.16, wiping out around £33.2 billion from the UK’s leading blue chip firms.

The euro has fallen to a 9-year low since the beginning of 2015, as recessions continue to hit the weakest countries in Europe, which includes France, Portugal and Spain. The euro is now worth around $1.186 US dollars. The collapsing oil prices didn't help as investors put their money in safe-haven sovereign debt. Brent crude drops below the $50 barrier, losing more than a dollar to $49.92 a barrel just before 3. a.m. ET, it has reached the levels last seen in May 2009, although prices went back above $50 later.

U.S. futures CLc1 lost 75 cents to under $47.20 a barrel, their lowest since April 2009, after already completing the drop below $50 earlier in the week.

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