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London stocks drag Europe lower as Glencore, oil stocks weigh | Malay Mail

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FRANKFURT, Aug 7 ― European equities declined yesterday as London stocks were sapped after Glencore scrapped its dividend and oil stocks slid, while investors kept a close eye on Washington for progress on US stimulus. The pan-European STOXX 600 index closed 0.7 per cent lower, with London's FTSE...

The pan-European STOXX 600 index closed 0.7 per cent lower, with London's FTSE 100 falling 1.3 per cent and the German DAX down 0.5 per cent. — Reuters pic

Europe's mining index, which rallied earlier this week, shed 2.5 per cent after Glencore became the first major mining company to scrap its dividend and said that it would prioritise cutting debt. “Progress has been made but doubts are creeping if a deal will be reached before another week passes,” Edward Moya, a senior market analyst at Oanda wrote in a note.

German stocks posted relatively small losses as engineering group Siemens rose 1.6 per cent after forecasting a modest improvement in orders and revenue in the months ahead.Among the fallers, French insurer AXA slid 3.5 per cent after it dropped its 2020 earnings target and said it would not make additional payouts to shareholders in the fourth quarter.

 

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