EUROPE MARKETS: European Markets Falter As Oil Prices Plummet And Fed Meeting Looms
18 Dezembro 2018 - 11:53AM
Dow Jones News
By Emily Horton
Royal Dutch Shell may buy Endeavor: report
European markets were a mixed bag 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?
Trimming earlier losses, the Stoxx Europe 600 dropped 0.1% to
342.79, after ending down 1% on Monday.
France's CAC 40 slipped 0.1% to 4,732.85 and Italy's FTSE MIB
Italy index was flat. The U.K.'s FTSE 100 declined 0.3% to
6,750.60, after finishing down 1% on Monday.
Germany's DAX 30 was up 0.4% to 10,807.69, 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, while the pound rose to $1.2680 after closing on
$1.2617, with each currency driven by a weaker dollar.
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.
After a volatile session on Wall Street on Monday, during which
U.S. stocks fell to their lowest level in 14 months, stock futures
moved higher
(http://www.marketwatch.com/story/us-stock-market-set-to-attempt-cautious-rebound-after-two-days-of-pummeling-2018-12-18)
on Tuesday. Investors remained 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% after a
report 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.
Pharmaceutical company Shire PLC (SHPG) dropped 3% after Takeda
Pharmaceutical's Co. Ltd. (4502.TO) was reportedly downgraded
(https://www.bloomberg.com/news/articles/2018-12-17/takeda-downgraded-by-moody-s-on-elevated-debt-after-shire-deal)
by Moody's on soaring debt levels after its $62 billion acquisition
of its Irish-based rival.
House builder Taylor Wimpey PLC (TW.LN) gained almost 3%.
(END) Dow Jones Newswires
December 18, 2018 08:38 ET (13:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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