European Stocks Down on Weak Oil Price, Decline in Bank Shares
August 02 2016 - 4:50AM
Dow Jones News
European stock markets opened lower Tuesday as recent declines
in the oil price, a continued fall in bank shares and a lackluster
session in Asia took a toll.
The Stoxx Europe 600 edged down 0.7% in the early minutes of
trading, with losses concentrated in the banking, auto and energy
sectors.
U.S. oil prices were last up 0.4% at $40.20 a barrel after
falling below $40 for the first time since April on Monday and
entering a bear market. The growing global supply of the commodity
could drag prices back down to around $35 a barrel in the near
term, analysts say, renewing pain for the energy sector and its
lenders.
European bank shares also continued to decline in the aftermath
of Friday's stress-test results. Shares of Credit Suisse Group AG,
UBS Group AG and Commerzbank AG fell around 5% in early trade.
Earlier, stocks in Japan fell 1.5% as investors waited for
details of Prime Minister Shinzo Abe's stimulus plan. Shares in
Australia were down 0.8% after its central bank cut interest rates
to a record low as widely expected. The Shanghai Composite Index
added 0.6%, while trading in Hong Kong was suspended due to a
typhoon.
The Dow Jones Industrial Average ended a touch lower Monday for
a sixth consecutive day, as a steep fall in the energy sector
dragged down broader indexes.
Kenan Machado and Jenny Hsu contributed to this article
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
August 02, 2016 04:35 ET (08:35 GMT)
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