11Aug2015 Pre-Market Commentary: U.S. Futures Down Sharply, Yuan Devalued In Surprising Move, Oil Falling And Investors Look To Mr. Market For Answers

(Before It's News)

Written by Gary

U.S. stock futures index is down three quarters of a percentage point after China’s central bank surprisingly devalued its tightly controlled currency. It is roiling markets across the globe as investors weigh the implications of the unforeseen move. The German DAX is off nearly two percent, WTI oil is declining steeply and OPEC said the group’s production rose to its highest level in over three years, despite global oversupply that has helped send prices tumbling.

The markets are expected to open sharply lower this morning.

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