Left Menu
Development News Edition

UPDATE 1-European shares tumble on U.S.-Iran faceoff; oil stocks near 2-month high


UPDATE 1-European shares tumble on U.S.-Iran faceoff; oil stocks near 2-month high

European shares extended losses on Monday as tensions following the killing of a top Iranian general by the United States kept buying restricted to safe havens, while energy stocks benefited from higher oil prices. The pan-European STOXX 600 equity index was down 1.2% by 0914 GMT and was set for its worst day in a month. German stocks were the worst performers in the region, dropping about 1.9%.

Global equities lost ground on Friday following the U.S. air strike, blindsiding markets coming off a bumper fourth quarter in 2019. However, oil prices rose on fears of supply disruptions and gold prices jumped to a near seven-year high. "Markets had started January on a positive note... No one really expected so soon in the year to have an escalation in tensions," said Simona Gambarini, economist at Capital Economics in London.

The European oil and gas stock index rose about 0.6% and was the sole gainer among its peers, touching a near two-month high. Meanwhile, data showed that while euro zone business activity in December expanded at a better-than-expected pace, it was still close to stagnation despite an uptick in the services sector.

The euro zone chemicals stock index was the worst performing sub-index in the region, dropping nearly 2%. German polymer maker Covestro AG led the declines on the index on reports of negative comments on the stock from brokers. Covestro was also one of the worst performers on the STOXX 600 index.

UK bluechips fell about 1%, although oil majors BP and Royal Dutch Shell added more than 1% each.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

UPDATE 1-U.S. CDC confirms 53 coronavirus cases, including repatriated citizens

The U.S. Centers for Disease Control and Prevention CDC said on Monday there were 14 confirmed cases of the coronavirus in the country, apart from the 39 cases among those evacuated from the Diamond Princess cruise ship and the city of Wuha...

FACTBOX-Olympics-Key facts about wrestling at the Tokyo 2020 Games

The 2020 Tokyo Olympics includes 33 sports. Wrestling is one of the original sports included in the first modern Games. Here are some key facts about wrestling at the Olympics.Introduced Wrestling was one of the original nine sports include...

FACTBOX-Olympics-Key facts about archery at the Tokyo 2020 Games

The 2020 Tokyo Olympics includes 33 sports. Archery is one of the modern Olympics oldest sports. Here are some key facts about archery at the Olympics.Introduced Archery was first included in the 1900 Games, with a womens event added in 190...

Pakistani Christian Asia Bibi asks France for asylum

Paris, Feb 24 AFP Asia Bibi, the Pakistani Christian woman who spent years on death row after a 2010 conviction of blasphemy, said Monday that she was seeking political asylum from the French government. My great desire is to live in France...

Give Feedback