2/2/2016, 6:08 PM (Source: TeleTrader)
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European markets pulled down by oil prices

Stock markets across Europe had a bad day, caused by a recurring slide of oil prices. The heaviest beating was in United Kingdom, where BP's earnings report slammed both the oil company and the London Stock Exchange.

The FTSE 100 fell 2.28% at 5,922 towards the close, with BP losing as much as 8.59% after reporting 2015 full year loss of $6.5 billion, pulling the energy sector down: Anglo American fell 8.34% and Glencore shed 5.82% of the value by 5:27 p.m. CET. Hikma Pharmaceuticals added 3.25% and the supermarket chain Sainsbury rose 0.38% after announcing it was ready to pay £1.3 billion for retail group Argos.

In Frankfurt, the DAX index closed down 1.95%, with industry giant ThyssenKrupp AG falling 6.02% to $13.35 a share, after a bad year for the steel industry and despite news of efforts to expand its operations in South Korea. Investors seem to have punished Infineon Technologies AG after it reported good Q4 earnings but predicted lower growth in the next quarter: shares fell 5.75%. Commerzbank with 4.65%, Deutsche Bank's with 3.89% and Allianz with 2.44% respective losses were leading losses in the financial sector. Chemical giant Beiersdorf AG added 0.66%, while the largest listed landlord Vonovia was up 0.61% after burning €8.6 billion ($9.4 billion) for a hostile takeover of the rival Deutsche Wohnen, with a huge financial support from the Norway's sovereign fund.

French CAC 40 ended the day down 2.47% at 4,283 with the banks paying the price: Société Générale fell 6.35%, BNP Paribas was down 5.67%, and Credit Agricole fell 4.96%. In fact, there were no winners in Paris, as even good performers were losing: Danone food group slid 0.21%, beautiful L'Oreal lost 0.67%, and retail chain Carrefour fell 0.85%.

The Amsterdam's AEX index shed 2.10% with the weight of ArcelorMittal's losses of 5.36%. In Vienna ATX closed down 0.52%, with the Raiffeisen Bank making gains of 4.90%. In Brussels, BEL 20 lost 1.54%, and the Italian MIB fell 3.05%. In Dublin, the ISEQ 20 index added 1.65%.

Oil prices kept falling, with the North Sea benchmark Brent down 3.16% at $33.18 a barrel. The American light crude WTI fell 3.80% at $30.43 a barrel, both at 5:53 p.m. CET. The price of OPEC basket of thirteen crudes stood at $29.69 a barrel on Monday, compared to $29.11 on Friday.

Gold was trading at spot down 0.33% at $1,124.78 per fine ounce at 6:06 p.m. CET.

Baha Breaking News (BBN) / ZR