European shares sink following rout in Asia-Pacific

Wednesday, 20. January 2016 09:40

The volatility in oil prices and concerns for the vitality of Asian economies struck a blow to the European markets on Wednesday, while the euro soared against most of its main counterparts.

The financial sector led declines in the Stoxx 50, which was 2.32% in the red at 9:14 a.m. CET as BNP Paribas, Zurich Insurance and Lloyds sunk more than five percent, followed mostly by resources-based companies, reflecting the crash in oil prices. The Euro Stoxx 50 lost 2.47% at 9:12, where Unicredit, Volkswagen and Deutsche Bank hit the bottom of the performances chart. Commerzbank and BMW also plummetted more than 3.5%.

Oil extended its slump on the ICE Exchange. West Texas Intermediate oil for delivery in March dropped 2.54% to $28.69 a barrel, while the benchmark contract for Brent was down 2.36% at $28:05 (both 9:25 a.m. CET). The euro strengthened 0.48% versus the dollar and 0.7% against the pound (both 9:38 a.m. CET), while it held around 1.2%, 1.5% and 2.5% higher compared to the currencies of Canada, Australia and New Zealand, respectively.

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