global stocks slip on oil greece
Last Updated : GMT 06:05:34
Arab Today, arab today
Arab Today, arab today

Global stocks slip on oil, Greece

Arab Today, arab today

Arab Today, arab today Global stocks slip on oil, Greece

The CAC 40 stock market in Paris
London - AFP

Global stock markets slumped Tuesday as oil prices struck fresh five-year lows, China clamped down on speculative trading and Greece sparked renewed worries about the eurozone.
"Misery loves company; never has this been truer than on the markets today," said Connor Campbell at Spreadex traders.
"Another round of poor economic data, more volatility from the permanently volatile Greece and oil's continued descent into the abyss has seen a dismal day..."
The red tide on trading screens began in Asia, where equity markets retreated on profit-taking after a healthy run-up over the past week, while energy firms took a hiding.
Tokyo dropped 0.68 percent, snapping a seven-session winning streak, while Sydney tumbled 1.68 percent as energy shares were punished.
In China, Shanghai's equity market sank 5.4 percent after authorities announced a new rule late Monday tightening the use of corporate bonds as collateral for short-term financing -- a move analysts said will curb investors' ability to trade on margin.
"Risk appetite suffered further setbacks during today's session as crude oil prices slid to a five year low, prompting investors to take flight in safe haven assets," said Sucden Research analyst Kash Kamal.
After hitting its new trough at $65.29 a barrel Tuesday, Brent North Sea crude for delivery in January recovered to $66.75, up 56 cents from Monday's close.
US benchmark West Texas Intermediate (WTI) for January also hit the lowest level since 2009, reaching $62.25 a barrel. It later stood at $63.70, up 65 cents from Monday.
Crude prices have plunged by more than 40 percent from their 2014 peaks in June owing to slowing growth in China and emerging-market economies, a recession in Japan and a near-stall in the eurozone.
Cheap oil will hurt oil exporters dependant on crude revenues, and the stock markets of the energy-rich Gulf states took a beating.
The decline was led by the Dubai Financial Market, which dropped 6.0 percent to a five-month low, before a partial recovery.
- Greek worries, again -
European indices fell sharply, where added to the mix were concerns about a fresh crisis in Greece that could renew worries about the struggling eurozone.
London's benchmark FTSE 100 fell 2.14 percent to 6,529.47 points, in Paris the CAC 40 sank 2.55 percent to 4,263.94, while in Frankfurt the DAX 30 shed 2.21 percent to 9.793,71 points.
Milan tumbled 2.8 percent and Madrid lost 3.1 percent.
"Political uncertainty in Greece acted as one of the main drivers for the sell-off in Europe after the Greek government brought forward the presidential election to next week," said Kamal.
Greek stocks plunged 12.8 percent -- the largest one-day drop in 27 years -- after the government unexpectedly brought forward a high-stakes presidential vote.
The move raised questions over the recovery plan for the country which nearly caused the breakup of the eurozone.
Demand for safe-haven assets such as German 10-year bonds spiked, sending the yield to a new record low of 0.685 percent. French 10-year bonds touched a new record low of 0.954 percent.
In European equities trading, Tesco shares were the biggest loser in London, sinking 6.6 percent to close at 174.90 pence after it sharply reduced its profit forecast.
The world's third biggest supermarket group said its trading profit "will not exceed £1.4 billion" ($2.2 billion, 1.8 billion euros) in its financial year to February 2015. Analysts' consensus had been for £1.94 billion as Tesco undergoes changes to its business triggered by a fraud probe.
"Tesco is no longer a viable investment," said Marc Kimsey, senior trader at Accendo Markets.
Wall Street was also pulled lower, with the Dow Jones Industrial Average falling 0.93 percent to 17,686.63 points.
The broad-based S&P 500 shed 0.82 percent to 2,043.40 points and the tech-rich Nasdaq Composite Index slid 0.60 percent to 4,712.46 points.
In foreign currency markets, the euro rallied against the dollar on Tuesday, a day after the European single currency hit a two-year low against the US currency.
One euro bought $1.2412 in late European trading, compared to $1.2308 on Monday.
Gold, another safe-haven asset, also benefitted from increased risk aversion among investors.
On the London Bullion Market, gold finished at $1,227 an ounce, having risen as far as $1,238.34 during the session, up sharply from $1,193 on Monday.

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

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
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*

global stocks slip on oil greece global stocks slip on oil greece

 



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*

global stocks slip on oil greece global stocks slip on oil greece

 



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 PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
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 Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
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 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

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 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

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