European Stock Markets Close Lower Amid High Oil Prices

Strategic Insights -

The European stock markets experienced a decline on Monday, prompted by concerns over high oil prices after BP shut a key American oilfield. The FTSE benchmark in London closed at 5,828.8, a 60.6-point loss, while the CAC 40 index in Paris ended at 4,956.34, a 84.6-point decline. In Frankfurt, the Dax index closed at 5,626.7, a 96-point loss.

Key Takeaways:

  • The FTSE benchmark in London closed 60.6 points lower to 5,828.8, while the CAC 40 index in Paris ended 84.6 points lower at 4,956.34.
  • Oil prices were a major concern, with BP shutting a key American oilfield contributing to the market decline.
  • Commodity firm Vedanta dropped 3 percent, while mining firm Xstrata lost 2.6 percent after a strike at a BHP Billiton mine in Chile.
  • British Airways, however, rose 0.5 percent after strong results on Friday, and Reckitt up 1.1 percent.
  • In Frankfurt, industrial firm Man, down 2.8 percent, and pharmaceuticals firm Bayer, fell 2.5 percent, while Siemens lost 2.3 percent.
  • Only two firms closed up in Frankfurt: Altana rose 0.2 percent and pharmaceutical firm Schering rose 0.1 percent.

Statistics:

  • FTSE benchmark closed 60.6 points lower
  • CAC 40 index ended 84.6 points lower
  • Dax index closed 96 points lower
  • Vedanta dropped 3 percent
  • Xstrata lost 2.6 percent
  • British Airways rose 0.5 percent
  • Reckitt up 1.1 percent
  • Man, down 2.8 percent
  • Bayer fell 2.5 percent
  • Siemens lost 2.3 percent
  • Altana rose 0.2 percent
  • Schering rose 0.1 percent

Sources:

  • Xinhua News Agency, Aug 7, 2006