European markets battered by oil volatility

Monday, 18. April 2016 10:02

European stocks took a heavy blow on Monday, following a disappointing end of the oil producing countries' summit in Qatar and in tune with the trading session in Asia-Pacific. Oil prices have now put a heavy weight on energy companies throughout the continent and pulled all the key indices down by as much as 1%.

In Paris, the CAC 40 opened 70 points lower and was down 0.66% to 4,465 points by 10:00 a.m. CET. ArcelorMittal lost 2.90%, and oil corporation Total fell 2.89%, while the supplier of equipment for oil companies Engie dropped 1.51%. Accor, Veolia Environment and Klepierre were among few gainers.

Germany's DAX index opened 80 points lower, and fell 0.46% to 10,005 points. Electric energy companies E.ON AG and RWE AG lost 1.67% and 1.69%, respectively. Lufthansa took off just 0.60%, but BMW sped up 1.06%.

In London, the FTSE 100 rolled down 0.64% to 6,303 points by 9:45 a.m. CET. Mining sector led the decliners: Antofagasta dropped 2.80%, and energy followed: Royal Dutch Shell lost 2.73% and BP slipped 2.09%. EasyJet took off adding 2.24%, and International Consolidated Airline Group followed in the tail, up 2.06%.

The Switzerland's SMI lost 0.61% to 7,966 points. Industry and banking shares were among notable decliners: Swiss Life slid 1.00%, Julius Baer fell 0.90%, ABB down 0.78%. LafargeHolcim added 0.35% and SGS rose 0.14%

The Netherlands' AEX index was down 0.58%, and in Austria the ATX slid 0.22%.

In Lisbon, the PSI-20 index fell 1.42%, with energy company REN losing 4.18%. Sonae Capital added 1.76%.

The international benchmark Brent for June delivery traded 4.66% lower at $41.18 a barrel. The U.S. light sweet crude West Texas Intermediate for May delivery fell 4.96% to $38.45 a barrel, both on ICE Europe futures exchange by 9:55 a.m. CET.

The price of OPEC basket of 13 crudes for Friday trade was at $38.05 a barrel, which compares to $38.58 a barrel on Thursday.

Gold spot price rose 0.09% to 1,235.07 per troy ounce.

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Breaking the News / ZR