Shares, oil steady in Europe after China sends Asia sprawling

Jan 14, 2016 World stocks recently fell to a 2-year low following a slide in the Chinese markets.

Reacting to this, Mike Ingram, a Market Analyst at BGC Partners said:

“Well I think there is still great uncertainty as to where the Chinese economy is going. I am still sticking by my view that we are going to see a much weaker currency going forwards. Certainly that has been the case since the mini de-val that we saw last August. I think ultimately we will see yuan/dollar ending up somewhere around about 7.3 which is way below what the markets currently thinking. Even though there have been some very embarrassing changes in annual forecasts only within the last few days. We simply don’t know what the end game is for China,”