European stocks slumped on Monday as market sentiment was hurt by concern over slowing global growth and car stocks continued falling in the wake of Volkswagen emission scandal. Euro strengthened against the dollar. Stoxx Europe 600 index dropped 2.2%, Volkswagen slumped 7.5% after German prosecutors opened a fraud investigation into former CEO Martin Winterkorn, Daimler lost 3.2% and BMW fell 2.9% weighing on German DAX 30 which closed down 2.1%. Commodities trader and mining giant Glencore plunged 29% on concern interest payments from heavy debt load will wipe out company’s equity value if commodity rout continues. Today at 10:00 CET September Business Confidence, Economic and Industrial Sentiment will be released in euro-zone. The tentative outlook is negative. At 13:00 CET preliminary consumer price index for September will be released in Germany. The tentative outlook is negative. And at 20:40 CET Bank of England Governor Carney will speak in London.
Nikkei slumped today 4.1% and turned negative for the year on back of global slowdown concern as the yen strengthened on higher haven demand. Shipping stocks were hit hardest after news a mid-size shipping company was expected to file for bankruptcy. Tomorrow at 0:50 CET preliminary August retail sales will be released in Japan. The tentative outlook is negative.
Oil futures prices are rising today on expectations of a weekly drawdown of over 1 million barrels at Cushing, Oklahoma, indicating a tightening US market. Official data will be released tomorrow.
Gold is falling today after closing 1.2% lower on Monday, the biggest daily drop in three weeks.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
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