European shares hit 1-week low as commodities stocks slump

miércoles 24 de febrero de 2016 05:37 GYT
 

* FTSEurofirst 300 index falls 1.7 percent

* Commodities stocks among the top fallers

* Wolters Kluwer gains after results

By Atul Prakash

LONDON, Feb 24 (Reuters) - European equities fell for a second straight session to a one-week low on Wednesday, with commodities-related shares coming under further selling pressure as prices of copper and crude oil slipped.

The FTSEurofirst 300 index of top European shares was down 1.7 percent at 1,266.13 points by 0930 GMT after falling to 1,265.20, the lowest level in a week. The benchmark index closed 1.3 percent weaker in the previous session.

Commodities-focussed stocks bore the brunt of the sell-off, with the STOXX Europe 600 Basic Resources index dropping 4.5 percent, the top sectoral decliner, after prices of copper fell as concerns about the demand in top consumer China resurfaced.

The European oil and gas index also fell 2.5 percent, tracking a decline in crude oil prices which were hit after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.

Shares in Anglo American, Glencore, BHP Billiton, BP and Royal Dutch Shell were down 2.4 to 7.0 percent.   Continuación...