FXStreet (Mumbai) – The stock markets across Europe are trading in red after the Chinese stocks closed over 6% lower and oil fell below USD 30/barrel.

At the time of writing, the pan-European Euro Stoxx 50 index was down 1.2%. Germany’s DAX was down 1.2%, while France’s CAC was down 1.4%. The mining heavy UK’s FTSE was down 1.3%. The broader Stoxx 600 was down 1.8%.

Once again, energy shares were top losers across Europe. Norway’s Seadrill and Subsea were down 7% and 5.5% respectively. In London, Petrofac and Weir Group were down 5% and 4.6%. German carmakers Daimler and BMW were in the red while luxury stocks including Richemont and LVMH were sharply lower.

US crude fell below USD 30/barrel after sliding as much as 7 percent on Monday. The oversupply concerns were back after Iraqi official may raise output even further this year.

The stock markets across Europe are trading in red after the Chinese stocks closed over 6% lower and oil fell below USD 30/barrel.

(Market News Provided by FXstreet)

By FXOpen