GLNCY Glencore Plc (PK)

Global stocks extended losses Thursday amid uncertainty around the energy sector and ahead of the Federal Reserve's decision on interest rates next week.

The Stoxx Europe 600 slipped 0.5% in early trade, deepening losses of around 6% so far this month.

Wall Street closed lower Wednesday and weighed on bourses in Asia. Japan's Nikkei 225 Stock Average lost 1.3%, Australia S&P/ASX 200 fell 0.8% and China's Shanghai Composite Index fell 0.5%.

Global stocks have been hit hard by a rout in commodities this week.

Brent crude oil was up 1.2% at $40.52 a barrel early Thursday, after the U.S. government reported a greater-than-expected fall in crude stockpiles. However, it remains down 7.5% so far this week on concerns about oversupply and waning demand.

"If oil prices stay here or go down, there will be severe consequences" for energy companies, said Henrik Drusebjerg, chief strategist at Carnegie Investment Bank, noting that some companies won't survive and energy-dependent economies could struggle.

Meanwhile, investors were also looking ahead to the Federal Reserve's Dec. 15-16 meeting, where the U.S. central bank is widely expected to raise interest rates for the first time since 2006.

"If the Fed is on track, then that means the perception should be the U.S. economy is as well," Mr. Drusebjerg said, adding a rate rise would take some uncertainty out of the market.

The Bank of England is widely expected to leave its interest rates unchanged at a meeting later Thursday. The British pound was down 0.2% against the dollar in early trade.

Elsewhere in currencies, the euro was down 0.4% against the dollar at $1.0976, while the dollar was up 0.2% against the yen at ¥ 121.8070.

Gold was down 0.4% at $1,072.60 a troy ounce.

In European equity markets, losses were broad-based, though battered mining companies staged a modest recovery. Shares in Glencore PLC were up 9.2% after the commodities giant accelerated its cost cuts to tackle its debt load. Commodities shares took a hit earlier in the week after Anglo American PLC said it would slash assets and cut 85,000 jobs.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

December 10, 2015 04:55 ET (09:55 GMT)

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