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European stocks painted in red on China and oil price drop

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The stock markets across Europe are trading in red after the Chinese stocks closed over 6% lower and oil fell below USD 30/barrel.

    At the time of writing, the pan-European Euro Stoxx 50 index was down 1.2%. Germany’s DAX was down 1.2%, while France’s CAC was down 1.4%. The mining heavy UK’s FTSE was down 1.3%. The broader Stoxx 600 was down 1.8%.

    Once again, energy shares were top losers across Europe. Norway’s Seadrill and Subsea were down 7% and 5.5% respectively. In London, Petrofac and Weir Group were down 5% and 4.6%. German carmakers Daimler and BMW were in the red while luxury stocks including Richemont and LVMH were sharply lower.

    US crude fell below USD 30/barrel after sliding as much as 7 percent on Monday. The oversupply concerns were back after Iraqi official may raise output even further this year.
    For more information, read our latest forex news.
     

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