Min­ing and En­ergy shares lead Europe lower

Malta Independent - - Financial -

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.

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