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Evergrande crises triggers market sell-off as mining and energy stocks slide

In this article:
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Yahoo Finance’s Ines Ferre reports on the day's trending tickers.

Video Transcript

ALEXIS CHRISTOFOROUS: I want to bring in Ines Ferre now for a closer look at this company because it says it looks like their stock had their worst day in what? Over a decade.

INES FERRE: Yeah, that's right. China Evergrande, this is a real estate giant in China. It has more than 1,300 projects in more than 230 cities. The stock you can see on the Hang Seng had come down 10% today at 1.8. It was down more than 15% during its session over there. And the stock has just been on a spiral downtrend.

Though if we take a look year to date, it's down 84%. It's been struggling with its debt for weeks now. So this is not anything new as far as its debt, but really this kind of all spiraled over the weekend. Chinese officials also telling Hong Kong developers on Friday that it won't tolerate the monopoly behavior of developers. So you have other real estate companies also that had been under pressure because of this.

I do want to mention also the China companies that are trading here in the US, their ADRs. You can see Baba down more than 6%. We're also watching Pinduoduo down almost 7% today.

These are companies that their shares have been heavily sold off over the last months. This is because of Chinese regulation in technology, in education, gaming. So the Chinese regulators really going across the board, across all industries regulating and you can see the effect that it's had on these stock prices, Alexis.

ALEXIS CHRISTOFOROUS: Yeah, lots and lots of red on your screens today there, Ines. I want to get, though, to the mining companies. Because I know on a sector basis industrials are one of the big losers today and that's because iron prices are really taking a hit. What can you tell us?

INES FERRE: That's right. Iron ore prices, these have been declining. They crashed on Friday below $100 per ton. So China has some restrictions with some industrial productions that are going on in provinces.

There's also a downturn in the property industry as we're seeing, so that's putting pressure on iron ore prices. So this is affecting the mining companies that you seeing on your screen-- BHP, Rio Tinto. So all of these stocks are under pressure. And then you've also got the industrial giants like Caterpillar down about 5%, these machinery giants that are not immune to these prices when it comes to the decline in iron ore. So that's the action that you're seeing in industrials today and part of the reason why you're seeing mining shares down.

ALEXIS CHRISTOFOROUS: All right, we also are seeing investors growing more risk averse and we're seeing it play out in the oil markets. I see crude oil sliding today. It's taking the rest of the energy sector with it

INES FERRE: Yeah, that's right. We're looking at WTI that's down about 2%. Let me get over to our, uh, Wi-Fi interactive board. You can see it's down 2%. Brent Crude is trading below $75, a barrel down about 1 and 1/2.

You saw the US dollar index rallying that's helped to bring down the prices. You're also looking at some issues with production in the Gulf Coast, Shell going through some damage with production in the gulf and some other companies as well. So you're seeing energy that's also taking a hit today with energy stocks.

Chevron down more than 3%. ExxonMobil also lower. You've got Occi, Occidental Petroleum down about 5% today. Across the board, energy right now is the sector that is losing the most.