Investing.com - Financial Markets Worldwide
⚠ Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

European shares tumble on oil crash, dour earnings

Published 04/21/2020, 03:16 PM
Updated 04/21/2020, 03:20 PM
© Reuters.
BP
-
SHEL
-
TTEF
-
ABF
-
CL
-
STOXX
-
SXPP
-

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
April 21 (Reuters) - European stocks fell on Tuesday as the
double whammy from a crash in U.S. crude to minus $40 per barrel
and dismal first-quarter earnings reports spooked investors
about the lasting damage to the global economy from the
coronavirus pandemic.
BP Plc BP.L , Royal Dutch Shell Plc RDSa.L and Total SA
TOTF.PA fell between 3% and 4.0%, knocking 1.1% off the
pan-European STOXX 600 .STOXX index at 0702 GMT. Miners
.SXPP also tracked a decline in commodity prices. MET/L
All major European country indexes slipped a day after U.S.
crude CLc1 plummeted to below zero for the first time in
history with a wipeout in storage capacity causing traders to
flee contracts that would deliver oil barrels to them in May.
O/R
The benchmark STOXX 600 had recovered about 25% from a March
trough on a return in risk appetite with unprecedented global
stimulus, but remained about 22% away from record highs as
companies scrapped dividends and withdrew financial forecasts to
deal with the fallout of the pandemic.
Primark owner Associated British Foods ABF.L fell 2% after
saying it would not pay an interim dividend and could not
provide a full-year earnings forecast for the fashion retailer.

Latest comments

Install Our App
Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.