- Title: MARKETS-STOCKS/USA OPEN Wall St opens lower as China pushes yuan lower again
- Date: 12th August 2015
- Summary: NEW YORK, NEW YORK, UNITED STATES (AUGUST 12, 2015) (REUTERS) (SOUNDBITE) (English) STEVE RICCHIUTO, US ECONOMIST AT MIZUHO SECURITIES USA INC, SAYING: "Basically, what it is, it's negative for competitiveness for the United States because we are going to face a currency devaluation across most of the Southeast Asian countries, not just what China has done, and it may very well impact the improvements taking place in Japan, and without Japan being able to get out of its deflationary environment, global deflationary pressures will remain more firmly in place."
- Embargoed: 27th August 2015 13:00
- Keywords:
- Topics: General
- Reuters ID: LVAC4VH3CEVRIA8V0TLOKNAPFPAE
- Aspect Ratio: 16:9
- Story Text: U.S. stocks opened lower for a second day in a row on Wednesday (August 12) as China weakened its currency further, increasing worries about a global economic slowdown.
"It's negative for competitiveness for the United States because we are going to face a currency devaluation across most of the Southeast Asian countries, not just what China has done, and it may very well impact the improvements taking place in Japan, and without Japan being able to get out of its deflationary environment, global deflationary pressures will remain more firmly in place," explained Steve Ricchiuto, the U.S. economist at Mizuho Securities.
The Dow Jones industrial average fell 146.51 points, or 0.84 percent, to 17,256.33. The S&P 500 lost 16.39 points, or 0.79 percent, to 2,067.68 and the Nasdaq composite dropped 44.77 points, or 0.89 percent, to 4,992.02. - Copyright Holder: REUTERS
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