European
stocks slid to a 15-month low as falling oil prices and results from
companies including Zurich Insurance Group AG and Royal Dutch Shell Plc
exacerbated investor concern about global growth.
Zurich
Insurance slid 11 percent after predicting a second straight quarterly
loss for its biggest unit. Shell lost 7.3 percent after saying quarterly
profit plunged as the slide in oil prices deepened. Seadrill Ltd.
plummeted 29 percent as Bank of America Corp. cut its rating to the
equivalent of sell. BHP Billiton Ltd. helped drag a gauge of commodity
producers to the worst performance on the Stoxx Europe 600 Index,
falling 7.4 percent after trimming its full-year iron-ore output
forecast. Glencore Plc fell 9.9 percent.
The
Stoxx 600 erased Tuesday’s rebound, tumbling 3.2 percent to 322.29 at
the close of trading. Concern that a slowdown in China will spread and
plunging oil prices have weighed on investor sentiment, dragging the
European gauge down 12 percent this year and into a bear market last
week. Oil extended its drop from the lowest close in more than 12 years
today. The VStoxx Index measuring volatility expectations for euro-area
shares jumped 14 percent.
The
Stoxx 600 broke below its 200-week moving average at 324.15, hitting
its lowest level since December 2014. Still, sentiment is so negative
that technical indicators are not enough to trigger a rebound, according
to Saxo Bank A/S trader Andrea Tueni.
Source : Bloomberg
0 komentar :
Post a Comment