Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Europe Stocks driving sharply lower on Global Shares selloff
Published in Amwal Al Ghad on 26 - 03 - 2015

European stocks dropped Thursday, with risk-averse investors fleeing equities around the world, but energy shares managed to post gains as airstrikes in Yemen sent oil prices flying higher.
The Stoxx Europe 600 SXXP, -1.39% dropped 1.3% to 392.85, on track for its biggest loss since mid-January, according to FactSet data.
Energy shares, however, stood out, rising on the back of a 5% surge in oil prices CLK5, +4.27% after reports of Saudi Arabian airstrikes in Yemen spurred concerns about supply disruptions. Topping the Stoxx 600, shares of offshore driller Seadrill Ltd. SDRL, +3.54% climbed 3.3%, oil-field services provider Petrofac Ltd. PFC, -0.20% rose 3% and Portuguese oil firm Galp Energia SGPS GALP, +1.01% gained 2.1%.
But overall, "European markets are trading lower on the back of the sharp selloff which we experienced in the U.S.," on Wednesday, said Naeem Aslam, AvaTrade's chief market analyst, in a Thursday note. "Investors are finding it difficult to assess the health of the U.S. economy given that the recent raft of economic data has been very disappointing."
Concerns about a poor upcoming corporate earnings seasons also contributed to Wall Street's dive overnight. Most Asian stock markets followed up with losses on Thursday.
Among the major European indexes, Germany's DAX 30 DAX, -1.44% sank 2% to 11,634.71 and France's CAC 40 PX1, -1.21% tumbled 1.4% to 4,952.26.
In Spain, the IBEX 35 IBEX, -0.81% dropped 1.4% to 11,312.20 and Italy's FTSE MIB FTSEMIB, -1.52% was pushed 1.8% lower to 22,735.82.
European stocks in recent sessions have pulled back from multiyear and record highs, in part as the euro EURUSD, +0.26% regains ground against the U.S. dollar. The dollar's strong run this year has taken a breather since the Federal Reserve signaled last week it may begin raising interest rates later than the market had expected.
A rate hike by the Fed will be data dependent and if there's a "consistent pattern" of disappointing reports, a "rate hike is completely out of question. In fact another pipeline for QE could be established," said Aslam.
The U.K.'s FTSE 100 UKX, -1.22% fell 1.3% to 6,901.34, with London Stock Exchange Group PLC LSE, -8.71% shares down nearly 10% after the company's largest shareholder sold its entire stake in the company.
Source: MarketWatch


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