European stocks drop on tumbling oil prices

By FXStreet FXStreet (Mumbai) – The stocks on the European bourses opened the week on positive note, however, quickly gave back gains and fell into losses following the rout witnessed in the Chinese markets and on renewed weakness in the oil prices.

Meanwhile, the European indices keep losses amid calm markets ahead of a holiday-shortened week and limited economic data on the cards. Germany’s DAX 30 index drops -0.22% to 10,704, while the French CAC 40 index slips -0.41% to 4,642, while the pan-European Euro Stoxx 50 index dips -0.41% to 3,275.

Asian stocks saw heavy declines, with the Shanghai Composite closing with a loss of 2.59% at 3,533.78, while the Hang Seng was down 0.95% at 21,919.62. The renewed sell-off in the Chinese equities can be attributed to fresh China slowdown fears, reignited by November industrial data which showed sinking profits and a sixth consecutive monthly decline.
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Source:: FX Street