UKX FTSE 100 Index

By Emily Horton

European markets were mostly in the red on Tuesday, as crude oil prices plummeted to new lows and investors remained jittery over an expected U.S. interest rate hike.

Oil and energy led the decliners.

What did markets do?

The Stoxx Europe 600 dropped 0.8% to 340.60, after ending down 1% on Monday.

France's CAC 40 lost 0.7% to 4,767.29 and Italy's FTSE MIB Italy index dropped 0.8%. The U.K.'s FTSE 100 declined 0.7% to 6,723.60, after finishing down 1% on Monday.

Germany's DAX 30 was up 0.4% to 10,820.08, as it clawed back losses from dip buyers getting back into the action ahead of the Christmas break.

The euro was up to $1.1375 after closing on $1.1348 late Monday in New York. The pound rose to $1.2654 after closing on $1.2617.

What is driving the markets?

Crude prices dropped to fresh lows (http://www.marketwatch.com/story/oil-prices-hit-fresh-lows-as-supply-worries-plague-market-2018-12-18)on Tuesday, in a third-straight session of losses as investors continued to stress over signs of rising U.S. supply.

Despite a volatile session on Wall Street on Monday, during which U.S. stocks fell to their lowest level in 14 months, stock futures moved cautiously higher (http://www.marketwatch.com/story/us-stock-futures-move-modestly-higher-after-mondays-rout-2018-12-18) on Tuesday. Investors remain jittery as the two-day Federal Open Market Committee meeting kicks off Tuesday, amid fears the U.S central bank will push an expected interest-rate hike too quickly.

What stocks are active?

Oil and gas stocks were among the biggest decliners on Tuesday, with both Ludin Petroleum AB (LUPE.SK) and Aker BP ASA (AKER.OS) both losing 5%.

Royal Dutch Shell PLC (RDSA.LN) was down almost 2% on the news the company is in talks to buy Endeavor Energy Resources LP (http://www.marketwatch.com/story/royal-dutch-shell-8b-bid-for-endeavor-report-2018-12-18)for around $8 billion. Energy stocks were also hit, the National Grid PLC (NG.LN) declined by 4%.

Pharmaceutical company Shire PLC (SHPG) dropped 4% on the news that Takeda Pharmaceutical's Co. Ltd. (4502.TO) had been downgraded by Moody's after debt levels soared following its $62 billion acquisition of Shire PLC, according to a Bloomberg report (https://www.bloomberg.com/news/articles/2018-12-17/takeda-downgraded-by-moody-s-on-elevated-debt-after-shire-deal).

House builder Taylor Wimpey PLC (TW.LN) gained almost 3%.

(END) Dow Jones Newswires

December 18, 2018 06:07 ET (11:07 GMT)

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