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European shares tumble on oil crash, dour earnings

Stock Markets Apr 21, 2020 08:40
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© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks fell on Tuesday as the double whammy from a crash in U.S. crude to minus $40 per barrel and dismal first-quarter earnings reports spooked investors about the lasting damage to the global economy from the coronavirus pandemic.

BP Plc (L:BP), Royal Dutch Shell Plc (L:RDSa) and Total SA (PA:TOTF) fell between 3% and 4.0%, knocking 1.1% off the pan-European STOXX 600 (STOXX) index at 0702 GMT. Miners (SXPP) also tracked a decline in commodity prices. [MET/L]

All major European country indexes slipped a day after U.S. crude (CLc1) plummeted to below zero for the first time in history with a wipeout in storage capacity causing traders to flee contracts that would deliver oil barrels to them in May. [O/R]

The benchmark STOXX 600 had recovered about 25% from a March trough on a return in risk appetite with unprecedented global stimulus, but remained about 22% away from record highs as companies scrapped dividends and withdrew financial forecasts to deal with the fallout of the pandemic.

Primark owner Associated British Foods (L:ABF) fell 2% after saying it would not pay an interim dividend and could not provide a full-year earnings forecast for the fashion retailer.

European shares tumble on oil crash, dour earnings
 

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Comments (5)
Axel Kenneth
Axel Kenneth Apr 21, 2020 12:16
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Would you buy now that oil companies are cheaper?
uPleasure uPleasure
uPleasure uPleasure Apr 21, 2020 11:13
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Technology growing..
uPleasure uPleasure
uPleasure uPleasure Apr 21, 2020 11:11
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Come one wake up, are u guys still going to support the oil?? the future is less using oil for the transportation.
Akinyemi Seun
Akinyemi Seun Apr 21, 2020 10:54
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lol
Jhon Moalla
Jhon Moalla Apr 21, 2020 10:43
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where is it going ?will the fallout continue?
hesam kh
hesam kh Apr 21, 2020 10:43
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of course it won't last for everit's just one of the economical side effects of Covid-19 and maybe happens for the next month or sobut in the long run the price is gonna be equal to minimum of average costs of production as long as oil consumptions is needed the price of it won't get under thatunless we find some other cheaper sources of energy to replace oil all the way
hesam kh
hesam kh Apr 21, 2020 10:43
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of course it won't last for everit's just one of the economical side effects of Covid-19 and maybe happens for the next month or sobut in the long run the price is gonna be equal to minimum of average costs of production as long as oil consumptions is needed the price of it won't get under thatunless we find some other cheaper sources of energy to replace oil all the way
Mohamed Infiham
Mohamed Infiham Apr 21, 2020 10:43
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Most likely as we are not seeing any improvements on the outbreak
 
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