European stocks slide on US stimulus fears, eurozone data

European stock markets slid on Thursday over concern about a possible end to US stimulus measures and as data revealed slumping business activity across the eurozone, while London came sharply off five-year highs.

Shares in banks led indices lower, overshadowing upbeat company news across other sectors.

Approaching midday, London's FTSE 100 index of top companies had slumped by 1.64 percent to 6,291.53 points -- a day after surpassing 6,400 for the first time in more than five years on the prospect of more cash stimulus from the Bank of England.

Frankfurt's DAX shed 1.84 percent to 7,584.60 points and in Paris the CAC 40 index dropped 1.87 percent to 3,640.46.

Milan dived 2.91 percent to 16,039.55 points, also hit by concerns over the outcome of upcoming legislative elections in Italy, traders said.

The leading Milan stock index, the FTSE Mib, was pulled down by banking stocks and by shares in the Mediaset company, owned by Silvio Berlusconi who is bidding to return to power in the elections.

European "equity markets are declining today, joining the global sell-off," said Gekko trader Anita Paluch.

-- Gold falls --

"A disappointing housing report from the US and a hawkish tone of the FOMC minutes -- or at least how they were interpreted by the market participants -- have set the stage, followed by PMI data from eurozone that failed to indicate that the region is emerging from the economic slowdown."

The European single currency fell to $1.3189 from $1.3283 late in New York on Wednesday. The dollar dropped to 93.26 yen from 93.61 yen, while the British pound reachest the, lowest point for two and a half years at $1.5132, but then rallied to $1.5216.

Gold prices struck a seven-month low point of $1,555.55 an ounce in Asian deals. They later stood at $1,568.72 on the London Bullion Market compared with $1,588.50 on Wednesday.

In the eurozone, a leading growth indicator on Thursday showed that private business activity across the bloc hit a two-month low in February, signalling a steepening of the economic downturn.

The Purchasing Managers' Index published by London-based Markit fell to 47.3 in February from 48.6 the previous month.

The February indicator contrasted sharply with an easing over the previous three months. The January figure notably showed private business activity at a 10-month high.

"A steepening rate of decline in February is a disappointment, and suggests that the eurozone is on course to contract for a fourth consecutive quarter in the first three months of the year," said Markit's chief economist Chris Williamson.

Minutes from the Federal Open Market Committee's (FOMC) most recent policy board meeting meanwhile showed some members were in favour of cutting short the $85 billion-a-month bond-buying introduced last year to support the economy and which has helped lift global shares.

The Fed introduced a third round of its asset-purchase scheme, known as quantitative easing 3 (QE3), in September and said it would not take its foot off the pedal until unemployment had fallen and the economy was strong enough.

However, investor sentiment took a hit after the Fed minutes showed a "number" of board members said an ongoing evaluation of the easing "might well lead the committee to taper or end its purchases before it judged that a substantial improvement in the outlook for the labour market had occurred".

On Wall Street the Dow closed down 0.77 percent on Wednesday and the S&P 500 lost 1.24 percent, with both markets having closed at more than five-year highs on Tuesday. The Nasdaq dropped 1.53 percent.

Asian stock markets suffered a heavy sell-off on Thursday following the tumbles in New York.

Tokyo fell 1.39 percent, Sydney slid 2.33 percent and Shanghai tumbled 2.97 percent.

In Europe, banking shares fell sharply, with Italy's biggest bank Unicredit down 4.82 percent, Deutsche Bank losing 3.76 percent, Societe Generale shedding 3.44 percent and Lloyds Banking Group falling 2.73 percent.

On the upside, BAE Systems gained 4.97 percent to 348.72 pence after the British arms maker announced plans to repurchase shares, alongside news of a drop in annual profits.

burs-bcp/rfj/hd

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Wall Street opens slightly lower as oil falls Reuters - 5 minutes ago

    REUTERS - U.S. stocks opened slightly lower on Tuesday as weak oil prices weighed on energy stocks amid fading hopes of a deal to limit oversupply. The Dow Jones industrial average was down 16.4 points, ... … More »

  • US stocks fall on lower oil, weak trade forecast AFP - 7 minutes ago

    US stocks opened slightly lower Tuesday with petroleum-linked shares retreating on news suggesting a deal of major producers to limit oil output was less likely. Dow member Chevron lost 0.7 percent and ... … More »

  • Britain's Johnson: Rude poem was not brought up in Turkey
    Britain's Johnson: Rude poem was not brought up in Turkey Associated Press - 9 minutes ago

    Visiting Turkey, British Foreign Secretary Boris Johnson said Tuesday that his hosts had not brought up the controversy caused by a rude poem he composed mocking Turkish President Recep Tayyip Erdogan. ... … More »

  • Saudis, Iran dash hopes for OPEC oil deal in Algeria
    Saudis, Iran dash hopes for OPEC oil deal in Algeria Reuters - 18 minutes ago

    Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran. … More »

  • RUBBER-Tokyo futures prices after evening session September 27 Reuters - 23 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Sep 2016. Contract Day Volume Evening Volume * Oct 170.0 21 169.2 8 * Nov 164.0 30 163.8 7 * Dec 163.5 ... … More »

  • Wolseley to cut up to 800 jobs in tough British market Reuters - 37 minutes ago

    Wolseley, which makes about 80 percent of its profit in the United States, said the 80 branch closures would take two or three years, resulting in restructuring charges of about 100 million pounds. Half its shareholders are UK investors. … More »

  • US home prices rose modestly in July Associated Press - 48 minutes ago

    U.S. home prices rose modestly in July, pulled up by strong gains in Portland, Seattle and Denver, a private index says. The Standard & Poor's CoreLogic Case-Shiller 20-city home price index rose 5.1 percent ... … More »

  • Global markets - Europe's bank angst sours U.S. debate rally
    Global markets - Europe's bank angst sours U.S. debate rally Reuters - 54 minutes ago

    Worries about Europe's banks wrenched stocks into reverse on Tuesday and halted a surge in Mexico's peso that followed Democrat Hillary Clinton's victory over Republican Donald Trump in the first U.S. presidential debate. Europe's mood soured as … More »

  • Europe's bank angst sours U.S. debate rally
    Europe's bank angst sours U.S. debate rally Reuters - 57 minutes ago

    Worries about Europe's banks wrenched stocks into reverse on Tuesday and halted a surge in Mexico's peso that followed Democrat Hillary Clinton's victory over Republican Donald Trump in the first U.S. presidential debate. Europe's mood soured as … More »

  • Philippines suspends 20 mines for environmental violations Associated Press - 1 hour 2 minutes ago

    Philippine officials on Tuesday recommended the suspension of 20 more mines, mostly nickel producers, for environmental violations, threatening to tighten supply from the world's top nickel ore exporter. ... … More »

  • 'Operational upset' at Shell's Bukom site - spokeswoman Reuters - 1 hour 14 minutes ago

    SINGAPORE/OSLO (Reuters) - An incident at Royal Dutch Shell's (RDSa.L) manufacturing site at Pulau Bukom in Singapore on Tuesday resulted in flaring with dark smoke at one unit but it has since subsided, a spokeswoman said. Shell declined to give … More »

  • European stocks falter amid Deutsche Bank, trade worries
    European stocks falter amid Deutsche Bank, trade worries Associated Press - 1 hour 17 minutes ago

    European stocks faltered Tuesday as investors worried over Deutsche Bank's outlook, a big decline in oil prices and a sharp downgrade in global trade predictions. The reaction in markets to the first U.S. ... … More »

  • Goldman Sachs' top Southeast Asia investment banker to leave-sources Reuters - 1 hour 20 minutes ago

    The head of Goldman Sachs' investment banking division in Southeast Asia, Michael Smith, is set to leave the bank, two people familiar with the matter said on Tuesday. Based in Singapore, Smith is a partner at Goldman and also heads the bank's … More »

  • Britain's first U.S. shale gas delivery arrives in stormy Scotland Reuters - 1 hour 41 minutes ago

    Britain's first shale gas delivery from the United States sailed into a heated European political debate on fracking on Tuesday and immediately ran into its first practical problem - the Scottish weather. The huge "Ineos Insight" tanker had entered … More »

  • Shell: Fire forces closure of key oil pipeline in Nigeria Associated Press - 1 hour 43 minutes ago

    Shell says a fire has forced it to close a key oil pipeline feeding Nigeria's strategic Bonny Export Terminal, which militants attacked last week. The ongoing challenges are losing oil multinationals billions ... … More »

  • NATO says Aleppo attacks 'blatant violation of international law'
    NATO says Aleppo attacks 'blatant violation of international law' AFP News - 1 hour 50 minutes ago

    NATO head Jens Stoltenberg said Tuesday the "morally totally unacceptable" bombardment of the Syrian city of Aleppo broke international law, and urged Russia to take genuine steps to restore a ceasefire. "The appalling attacks on Aleppo have shaken … More »

  • StanChart refers alleged corruption at Indonesian firm to authorities
    StanChart refers alleged corruption at Indonesian firm to authorities Reuters - 1 hour 52 minutes ago

    Standard Chartered (STAN.L) has referred allegations of impropriety at an Indonesian power company that the bank's private equity arm invested in to the appropriate authorities, the bank said on Tuesday. The Wall Street Journal earlier reported the … More »

  • Turkey dismisses 87 spy agency staff over failed coup
    Turkey dismisses 87 spy agency staff over failed coup AFP News - 1 hour 54 minutes ago

    Turkey has dismissed 87 staff from its spy agency over alleged links to the failed July 15 coup, state media said Tuesday, in the first purge of one of the country's most powerful institutions. National Intelligence Organisation (MIT) has suspended … More »

  • Oil prices slip as hopes for a deal in Algiers fade
    Oil prices slip as hopes for a deal in Algiers fade Reuters - 2 hours 11 minutes ago

    Crude oil futures fell on Tuesday as optimism faded for an output-limiting deal from an oil producer meeting in Algeria that has so far failed to yield any agreement to curb one of the worst supply gluts in history. Saudi Arabia on Tuesday dashed … More »

  • AOL chief Tim Armstrong on the ‘concerning’ Yahoo hack and how he’s convincing workers not to leave post-acquisition
    AOL chief Tim Armstrong on the ‘concerning’ Yahoo hack and how he’s convincing workers not to leave post-acquisition Business Insider - 2 hours 13 minutes ago

    John Lamparski/Getty Images AOL chief executive Tim Armstrong … Continued The post AOL chief Tim Armstrong on the ‘concerning’ Yahoo hack and how he’s convincing workers not to leave post-acquisition appeared first on Business Insider. … More »

  • German companies share success stories of their Malaysian ventures Business Times - 2 hours 16 minutes ago

    BERLIN: German companies have given the thumbs-up to the incentives rolled out by Malaysia, saying they have provided support to their investment story abroad. Jan J.Schmidt-Krayer, who is managing partner of Schmidt + Clemens, said the tax … More »

  • Germany blocks WhatsApp data transfers to Facebook AFP - 2 hours 18 minutes ago

    German data protection authorities on Tuesday said they had blocked Facebook from collecting subscriber data from its subsidiary WhatsApp, citing privacy concerns. Facebook and WhatsApp promised in the ... … More »

  • WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call
    WTO cuts 2016 world trade growth forecast to 1.7 percent, cites wake-up call Reuters - 2 hours 18 minutes ago

    The World Trade Organization cut its forecast for global trade growth this year by more than a third on Tuesday, reflecting a slowdown in China and falling levels of imports into the United States. The new figure of 1.7 percent, down from the WTO's … More »

  • Schaeuble stirs interest rates debate ahead of Draghi visit
    Schaeuble stirs interest rates debate ahead of Draghi visit Reuters - 2 hours 23 minutes ago

    German Finance Minister Wolfgang Schaeuble called on Tuesday for urgent structural reforms to spur growth to end the era of low interest rates, a day before lawmakers will grill ECB President Mario Draghi about his loose monetary policy. In a guest … More »

  • Singapore urged to get tougher on money-laundering
    Singapore urged to get tougher on money-laundering AFP News - 2 hours 24 minutes ago

    Singapore must take more aggressive action against complex cross-border money-laundering including prosecuting individuals and seizing illicit proceeds, a global financial crimes watchdog said Tuesday. The Paris-based Financial Action Task Force … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.141+0.003+2.17%
    N21.SI
    3.99+0.03+0.76%
    Z74.SI
    0.155+0.003+1.97%
    AFC.SI
    0.740.000.00%
    BS6.SI
    0.275+0.010+3.77%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.133+0.020+17.70%
    5PF.SI
    0.19+0.03+15.85%
    AWI.SI
    1.48+0.16+12.12%
    S91.SI
    0.198+0.020+11.24%
    M14.SI
    0.60+0.05+9.09%
    AZA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.110-30.14%
    AZT.SI
    0.56-0.18-24.32%
    5VJ.SI
    0.395-0.070-15.05%
    K1Q.SI
    0.162-0.028-14.74%
    BGO.SI
    0.122-0.020-14.08%
    569.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3601-0.0001-0.01%
    USDSGD=X
    1.5257-0.0046-0.30%
    EURSGD=X
    1.7647+0.0019+0.11%
    GBPSGD=X
    73.8090+0.085+0.12%
    SGDJPY=X
    5.6995+0.00020.00%
    SGDHKD=X
    3.0319-0.0023-0.08%
    SGDMYR=X
    9,524.7754-54.0469-0.56%
    SGDIDR=X
    4.9027+0.0009+0.02%
    SGDCNY=X
    1.0413+0.0027+0.26%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,332.50-11.60-0.86%
    GCZ16.CMX
    19.28-0.31-1.59%
    SIZ16.CMX
    92.84-1.61-1.70%
    ^XAU
    2.17-0.03-1.30%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.10-0.03
    ^FVX
    1.55-0.04
    ^TNX
    2.28-0.05
    ^TYX