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Europe stocks under pressure as oil falls 3 per cent

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European markets came off of their highs on Monday to trade mixed as a sharp decline in oil prices and mining stocks capped gains in the market.

The pan-European STOXX 600 was down some 0.15 per cent around midday, with most sectors trading lower. All major bourses were in the red, with Germany’s DAX slipping 0.75 per cent.

Crude futures fell some 3 per cent each around Midday, as analysts showed doubt over whether leading producers could find a way of tackling the supply glut problem.

Meanwhile, Europe’s worst performing sector was basic resources, off more than 2 per cent as metal prices posted sharp losses, on the back of a stronger dollar. Precious metals firm, Fresnillo sank 6 per cent as spot silver fell sharply, while Glencore, Anglo American and Antofagasta were all sharply down.

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Paul

The author Paul