European equities pared some losses but still traded lower on Monday after the oil price suddenly traded higher after comments from the Saudi Arabian government.
Symbol
|
Name
|
Price
|
Change
|
%Change
|
Volume
| |
|---|---|---|---|---|---|---|
| FTSE | FTSE 100 Index | 6317.80 | -16.83 | -0.27% | 234308126 | |
| DAX | DAX Index | 11099.14 | -20.69 | -0.19% | 26786969 | |
| CAC 40 | CAC 40 Index | 4885.87 | -25.10 | -0.51% | 42090041 | |
| IBEX 35 | IBEX 35 Idx | 10291.60 | 1.30 | 0.01% | 74185275 |
The pan-European STOXX 600 was off by 0.3 percent with all major indices in negative territory.
In Asia overnight, markets traded in the green following a rally on Wall Street last week as investors continue to look out for comments from central bankers on the trajectory of U.S. monetary policy.
Oil nearly 2% lower; commodity stocks hammered (CNBC)
Oil prices were under pressure in early trade on Monday but did eventually reverse losses. Brent Crude rose over 0.7 percent but U.S. crude was lower.
The comments came after a statement from the Saudi Arabian government in which it stated its commitment to "cooperate with all oil producing and exporting countries, both from within and outside OPEC, in order to maintain market and price stability".
Other commodities, including iron ore, zinc and nickel, were trading lower on concerns of slowing demand in China. Copper fell to more than a six-year low.
Mining giant Glencore saw shares were down as much as 6 percent before paring losses while steel titan Arcelormittal was off by 4 percent. Other names in the sector including Antofagasta and BHP Billiton were all trading lower.
In the oil and gas sector, many of the stocks reversed losses after the spike in the oil price. But Amec Foster Wheeler was still lower.
Patrick Abboud
No comments:
Post a Comment