LONDON: European stocks fell Thursday, as risk-averse investors fled equities around the world, even bringing down energy shares despite a rally in OIL PRICES
spurred by tension in the Middle East.
The Stoxx Europe 600 SXXP, -0.86% dropped 0.9% to 394.85, the lowest close since March 10. The fall reduced the pan-European benchmark’s gain for the year to 15.2%.
Gains for most energy shares SXEP, -0.46% eventually fizzled, despite a surge in oil prices CLK5, -1.92% as reports of Saudi Arabian airstrikes in Yemen spurred concerns about supply disruptions. But managing to advance was offshore driller Seadrill Ltd. SDRL, +1.74% as it climbed 1.8%. Norwegian oil major Statoil ASA rose 1.2% and Dutch oil services provider Royal Vopak NV VPK, +1.68% picked up 1.7%.
But overall, European MARKETS TRADED lower “on the back of the sharp selloff which we experienced in the U.S.,” on Wednesday, said Naeem Aslam, AvaTrade’s chief market analyst, in a Thursday note. “Investors are finding it difficult to assess the health of the U.S. economy given that the recent raft of economic data has been very disappointing.”
