europe stocks slump on rising oil stocks
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Europe stocks slump on rising oil stocks

Arab Today, arab today

Arab Today, arab today Europe stocks slump on rising oil stocks

Europe stocks market
London - AFP

Higher than expected oil stocks topping levels not seen since the 1930s and suggesting weak global economic demand helped push stock markets down Wednesday.
The latest figures from the US Department of Energy showed commercial reserves of crude as having passed the 500 million barrel mark to 502.7 million barrels.
That helped to depress European markets down for a second day running, following on from sharp losses across Asia although sentiment did get a small boost from a mega-takeover involving China.
London, Frankfurt and Paris all shed around 1.5 percent while Milan lost 2.8 percent, dragged down by sharp weakness in the volatile banking sector.
Oil prices rebounded after slipping back below $30 a barrel, enough to edge Wall Street higher at the opening.
"Another down day in Europe, taking its cues from Asia as the demise of the oil prices continues to suppress any real risk appetite," said Brenda Kelly, head analyst at traders London Capital Group.
"Energy and financials are the underperformers today overall. Oil continues to drag on the FTSE especially in light of BP's (poor) set of results yesterday which tends to set the scene for Shell (LSE: RDSB.L - news) tomorrow morning when it reports its numbers."
Among the biggest fallers, Barclays (LSE: BARC.L - news) shed 4.7 percent, BP lost 0.8 percent and Societe Generale (Swiss: 519928.SW - news) slid 3.0 percent.
Top gainer was the world's leading luxury products group LVMH, which rose 4.5 percent record on the back of record annual sales and soaring operating profit, reported late Tuesday.
- Mega deal -
Despite the Asian economic turmoil, China National Chemical Corp (ChemChina) Wednesday offered to buy Switzerland's pesticide and seed giant Syngenta (LSE: 0QOP.L - news) for $43 billion, which would be a record overseas purchase by a Chinese firm.
The deal is the latest in a string of overseas investments for China's biggest chemical company, also known as ChemChina, as Beijing prods its companies to expand abroad.
"US markets look set for a higher and less volatile open on Wednesday with merger news offering a source of optimism after the agreed deal between Syngenta and ChemChina and Yahoo (Hanover: YHO.HA - news) hinting at a possible sale," said CMC Markets analyst Jasper Lawler.
Yahoo meanwhile on Tuesday said it is cutting 15 percent of its workforce and narrowing its focus as it explores "strategic alternatives" for the future of the faded Internet star.
Oil's ongoing travails have continued to cast a pall over markets with recent price plunges to 12-year lows helping to wipe trillions of dollars off share valuations and even raising fears of recession.
But slumping oil prices do substantially reduce costs for companies, especially airlines.
US benchmark West Texas Intermediate crashed more than 11 percent on Monday and Tuesday to fall back through the $30 level for the first time since January 21 before Wednesday brought some respite.
However, dealers remain on edge ahead of a US report analysts warned could see a further increase in stockpiles.
Five minutes after Wall Street opened, the Dow Jones Industrial Average was up 0.51 percent at 16,235.82 points but then slid just into the red as did the broad-based S&P 500 and the tech-rich Nasdaq Composite Index after early small gains on news that private-sector employers added 205,000 jobs in January, ahead of the forecast 190,000.
- Key figures around 1500 GMT -
London - FTSE 100: DOWN 1.4 percent at 5,837.1 points (close)
Frankfurt - DAX 30: DOWN 1.5 percent at 9,434.8 (close)
Paris - CAC 40: DOWN 1.3 percent at 4,227 (close)
EURO STOXX 50: DOWN 1.9 percent at 2,896
New York - Dow: DOWN 0.1 percent at 16,146.1
New York - S&P 500: DOWN 0.5 percent at 1,887.1
New York - Nasdaq (NasdaqGS: NDAQ - news) : DOWN 1.3 percent at 4,138.4
Tokyo - Nikkei 225: DOWN 3.2 percent at 17,191.25 (close)
Hong Kong - Hang Seng: DOWN 2.3 percent at 18,991.59 (close)
Shanghai - Composite: DOWN 0.4 percent at 2,739.25 (close)
Euro/dollar: UP at $1.1050 from $1.0917 on Tuesday
Dollar/yen: DOWN at 119.40 yen from 120.01 yen

arabstoday
arabstoday

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

europe stocks slump on rising oil stocks europe stocks slump on rising oil stocks

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

europe stocks slump on rising oil stocks europe stocks slump on rising oil stocks

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday