💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Europe shares fall in early trade; oils slip

Published 10/05/2009, 03:50 AM
Updated 10/05/2009, 03:54 AM
BP
-
TTEF
-
XTA
-
RIO
-
AAL
-
BHPB
-
ANTO
-
HG
-

LONDON, Oct 5 (Reuters) - European shares fell in early trade on Monday, having hit a four-week closing low on Friday, with a fall in energy companies more than offsetting gains for miners. At 0713 GMT, FTSEurofirst 300 index of leading European shares was down 0.2 percent at 961.89 points.

The index fell 1.9 percent to a four-week closing low on Friday, after U.S. jobless numbers were higher than forecast, but is still up 49 percent from the lifetime low it hit on March 9.

"The tone of the market has been dominated by the (U.S.) employment report," said Bernard McAlinden, investment strategist at NCB Stockbrokers. "But the improvement in the labour market is still very much on trend. The market was overbought, and had had a diet of positive surprises."

Oil producers fell, as crude prices hovered just below $70 a barrel. Total, BP, Royal Dutch Shell and Repsol fell between 0.7 and 1.1 percent.

Among miners, Anglo American, Antofagasta, BHP Billiton, Lonmin, Rio Tinto, Vedanta and Xstrata rose between 1.4 and 2.1 percent, as the price of copper and other metals picked up.

Later in the session, investors' attention will turn to the PMI services data in the United States. (Reporting by Brian Gorman)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.