Hides correction a bellwether for falling stock markets
25/08/2015
Hide prices have fallen between 10% and 40% over the past few months, a correction that has taken the pressure off for some tanners, who have been able to make some profit on the leather.
Worries about a slowing Chinese economy have now hit the stock markets.
On August 24, US stock market index Dow Jones dropped more than 1,000 points at the opening bell, and this spread to sharp declines in oil and commodities markets.
The Chinese stock market has fallen 20% in four days - the biggest drop in 20 years.
"Until we have some sign that China and the emerging markets aren't being sucked into some vortex from which they can't recover, it is unlikely this sell-off will stem," Mark Luschini, chief investment strategist at Janney Montgomery Scott, told Reuters.
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