Stocks and Indices
U.S. markets sunk on Wednesday, following the Federal Reserve’s announcement that it would not raise interest rates in the near future. The Dow Jones industrial average dipped 3.82 points, or 0.18%, the Nasdaq composite dropped 8.62 points, or 0.18%, and the S&P 500 fell 3.82 points, or 0.18%.
On Thursday morning, European stocks dropped to 4-month lows, as concerns grew over Britain’s vote next week, which will determine whether or not it remains in the UK. The pan-European STOXX 600 dropped 1.4%, while the European FTSEurofirst 300 index fell 1.3%.
Asian markets were lower on Thursday, after the U.S. Federal Reserve opted not to raise interest rates and the Bank of Japan decided not to change its monetary policy. The Japanese Nikkei 225 tumbled 485.44 points, or 3.05%. The South Korean Kospi fell 16.84 points, or 0.86%, and Hong Kong’s Hang Seng index slid 1.98%. In Mainland China, the Shanghai composite slipped 13.73 points, or 0.48%, and the Shenzhen composite dropped 4.43 points, or 0.23%.
Oil prices had their sixth-straight day of losses, hitting three-week lows on Thursday ahead of next week’s Brexit vote. After hitting an 8-month high of almost $53 last week, Brent crude has dropped 9% over the course of just five sessions. On Thursday morning, Brent crude was down 68 cents to $48.29, it’s lowest level since May 24. U.S. crude futures fell 64 cents to $47.37, after hitting a one-month low of $47.22 earlier in the day.
The yen surged to a two-year high against the dollar on Thursday, after the Bank of Japan held off on creating fresh stimulus measures. The Japanese currency soared as high as 103.55 against the dollar, breaking past the 104 barrier to its strongest level since summer of 2014. The yen also hit a three-year high against the euro, trading at 116.92 in the afternoon.
After five years of construction, the highly-anticipated Shanghai Disneyland opened its doors to the public on Thursday. Despite the gray, rainy day, visitors began lining up as early as 4:30am for the 11:30am opening of the $5.5 billion theme park. The opening ceremony included a ceremonious ribbon cutting, as well as a musical celebration with elaborate dance choreography that beautifully intertwined Disney with Chinese culture.
A statement from Chinese President Xi Jinping said: “I hope that Shanghai Disney can provide visitors with safe and premium experiences and become a world-class theme park. I hope it promotes exchange across cultures of the world.”
Analysts predict that Shanghai Disneyland, which is within a three-hour drive or train ride for 330 million people, will become the most-visited theme park on Earth. The park covers almost 1,000 acres and includes two themed hotels, a shopping district, new rides, and Disney’s tallest castle.
*Featured image courtesy of Captain Yeo /Shutterstock.