MarketPulse Europe: Energy Sector on the Backfoot
Published Nov 14, 2018 06:40AM ET
Investing.com - The European energy sector was among the worst performers in midday trade on Wednesday, as the ongoing plunge in oil prices scared off investors.
The European oil and gas index (SXEP) fell to its lowest since April 16 in early deals, before recovering some ground. It was last down around 1.1% by 6:40AM ET (1140GMT).
Crude prices were struggling to find their footing after a 7% plunge the previous day, their biggest one-day percentage decline in more than three years.
In London, Tullow Oil (LON:TLW) was off by around 3%, while BP (LON:BP) declined 1%.
French oil giant Total SA (PA:TOTF) slumped 0.8% in Paris, while Royal Dutch Shell (LON:RDSa) dropped 1.4%.
Italy's ENI (MI:ENI) and Saipem SpA (MI:SPMI) were also hit hard, down 2.7% apiece.
Energy stocks have been one of the biggest contributors to the region's earnings growth this quarter, making the slide a significant concern for investors.
Mining stocks were also on the backfoot, amid mounting concerns over a slowdown in global economic growth. Rio Tinto (LON:RIO) and Antofagasta (LON:ANTO) each lost 3.7% in London, while BHP Billiton (LON:BLT) dipped 2.7%.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.