Brent crude oil in ‘brutal’ drop as China slows

August’s first full day of trading showed no let-up in July’s major themes — oil led commodities lower, currencies of resource-rich countries fell, Chinese stocks slid on economic concerns and European equities rose on earnings.

Greek shares slumped as a five-week market suspension ended. Brent crude dropped 3%, to $50.60, at one stage, following the biggest monthly slump in seven years, while aluminium fell to the lowest since July, 2009.

The ruble slipped to the weakest since March, alongside declines for the Canadian and Australian dollars. The Stoxx Europe 600 Index rose for a fifth day, as the Athens stock benchmark plummeted 16% and the Shanghai Composite Index added to its worst monthly drop since 2009.