En­ergy com­pa­nies push mar­kets lower

Malta Independent - - FINANCIAL -

On Mon­day, en­ergy shares led stocks in Europe lower, the Rus­sia ru­ble weak­ened and oil touched a one-month low af­ter the world’s big­gest crude pro­duc­ers failed to agree sup­ply cuts at a meet­ing in Vi­enna. U.S. eq­uity-in­dex fu­tures and Mex­ico’s peso clawed back some of their losses from Fri­day trig­gered by the FBI’s re­open­ing of an in­quiry into Hil­lary Clin­ton’s e-mails.

A gauge of en­ergy com­pa­nies on the MSCI All Coun­try World In­dex slipped for a sec­ond day af­ter the Or­ga­ni­za­tion of Pe­tro­leum Ex­port­ing Coun­tries ended two days of talks on Satur­day with­out agree­ing any in­di­vid­ual quo­tas.

The OPEC talks yielded lit­tle more than a prom­ise that the world’s top oil pro­duc­ers would keep dis­cussing ways to sta­bi­lize the mar­ket. Sovereign bonds were rel­a­tively muted Mon­day as in­vestors awaited key cen­tral bank meet­ings from the U.K. and U.S. later in the week. Global eq­ui­ties lost ground in Oc­to­ber and gov­ern­ment bonds also slid amid spec­u­la­tion the Fed­eral Re­serve will hike in­ter­est rates this year.

The Stoxx Europe 600 In­dex dropped 0.5 per­cent as of 7:19 a.m New York time, set for a sixth day of de­clines, the long­est los­ing streak since Fe­bru­ary. The bench­mark has fallen 1.1 per­cent in Oc­to­ber, a month that has yielded gains in five of the past six years.

BP Plc and Tul­low Oil Plc fell more than 1 per­cent, drag­ging a mea­sure of en­ergy com­pa­nies to the worst per­for­mance of the 19 in­dus­try groups on the Stoxx 600, as oil de­clined af­ter Euro­pean mar­kets closed Fri­day.

Crude oil fell 0.6 per­cent to $48.40 a bar­rel in New York, trad­ing near the low­est since the end of Septem­ber. Oil has fluc­tu­ated near $50 amid skep­ti­cism about whether OPEC can im­ple­ment the first sup­ply cuts in eight years at an of­fi­cial meet­ing in Novem­ber.

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