Mining and Energy shares lead Europe lower
U.S. equity-index futures fell for a second day as crude oil’s slide into a bear market and concerns over the health of China’s economy weighed on global stocks. The dollar extended a gain after report showed producer prices rose more than forecast in October.
Mining and energy shares led a drop in Europe’s main equity gauge as most industrial metals fell, while disappointing forecasts from Richemont and Thyssenkrup AG also weighed on the index. Futures on the Dow Jones, S&P 500 and Nasdaq slipped. Oil extended a run of declines, heading for the longest losing streak on record. In Asia, financial shares performed particularly poorly following news that Beijing plans to set quotas for banks to pump credit into private companies. Treasury yields edged lower.
The Stoxx Europe 600 Index dipped 0.4 percent as of 8:34 a.m. New York time, the largest decrease in two weeks. Futures on the S&P 500 Index declined 0.5 percent, the biggest drop in more than a week. The MSCI Asia Pacific Index declined 1.2 percent. The MSCI Emerging Market Index sank 1.5 percent to the lowest in more than a week on the biggest tumble in more than two weeks.
The euro declined 0.3 percent to $1.1333, the weakest in more than a week. The British pound fell 0.3 percent to $1.3019 as of 8:34 a.m. New York, the weakest in a week. The Japanese yen rose 0.1 percent to 113.95 per dollar, the biggest advance in more than a week.
West Texas Intermediate crude dipped 1.6 percent to $59.69 a barrel, reaching the lowest in almost eight months on its 10th straight decline. Gold sank 0.9 percent to $1,212.66 an ounce, hitting the weakest in a month with its sixth consecutive decline and the largest decrease in more than a month.