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Asian Markets at Close Report

European Markets at Close Report

Sep 12, 2016

European Markets at Closing Report, by CNBC on September 12, 2016: Stocks End 1% Down Depite Wall Street, Oil Recovery; EON Sinks 14.5%

cnbc.com
 
Arjun Kharpal, Alexandra Gibbs, Holly Ellyatt
European stocks finished firmly in the red on Monday as investors failed to completely shake off concerns over a potential interest rate hike in September by the Federal Reserve.






FTSE FTSE 6694.03
-82.92 -1.22% 602602223
DAX DAX 10410.06
-163.38 -1.55% 115385834
CAC CAC 4428.79
-62.61 -1.39% 77506066
IBEX 35 IBEX 35 Idx 8856.10
-169.40 -1.88% 177154345

Oil makes a comeback

Commodity stocks took a sharp tumble in the first-half of Europe's trade, following a fall in the price of oil and on the prospect that a U.S. interest rate hike would strengthen the dollar.
The STOXX 600's Basic Resources sector fell more than 3 percent in trade, before paring. Most metal prices were lower, however copper eked out some gains. Despite this, Anglo American, BHP Billiton and Antofagasta all remained sharply lower.
Oil and gas stocks also remained deep in the red, despite oil prices recovering in later trade as the U.S. dollar fell to a session low. Prices were initially down as much as 2 percent on Monday, following an increased rig count in the U.S.. Brent last hovered around $48.50, while U.S. WTI traded around $46.35 a barrel.

Will we get a washout for stocks in September?

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German stocks take center stage

In individual stock news, German utility E.ON was down over 14 percent as Uniper, the power generation and energy trading business being spun off by the company, was due to start trading in Frankfurt.
Sticking with Germany, shares of Linde dropped 7.5 percent after merger talks with Praxair ended.
Primark owner AB Foods said on Monday that it was raising its full-year earnings outlook, however shares tumbled over 11 percent in trade.
One standout stock on the STOXX 600 was lighting firm Osram. Shares of the German group rose over 10 percent after Bloomberg reported that Siemens was considering selling its 17 percent stake of Osram Licht, citing unnamed sources.