NEW YORK: Global share prices fell sharply Wednesday as sinking oil prices weighed on oil producers and other energy stocks. Investors are also monitoring developments surrounding President Donald Trump’s attempt to get sweeping legislation to revamp the U.S. tax system through Congress.
In Europe, Germany’s DAX fell 1 percent to 12,903 while the CAC 40 in France fell 0.6 percent to 5,285. The FTSE 100 index of leading British shares was 0.5 percent lower at 7,375. U.S. stocks were poised for a lower opening, with Dow futures and the broader S&P 500 futures down 0.5 percent.
OIL SLIDE: A report from the International Energy Agency pointing to strong production growth in the years ahead, particularly in the U.S., has weighed on oil prices and that’s had a knock-on effect on energy stocks, such as BP, which was down 1.3 percent and Total, which was trading 1.2 percent lower. In early afternoon London trading, a barrel of Brent crude was down another 58 cents at $55.12 a barrel while the New York benchmark fell 66 cents to $61.55 a barrel.
