Overseas Trading: Oil Stocks, Miners Pace Global Sell-Off

Ongoing losses for crude oil and bleak forecasts from mining giants have pressured resource stocks worldwide

Dec 8, 2015 at 8:22 AM

Asian markets ended lower across the board today, pressured by an ongoing oil rout and disappointing Chinese trade data. Exports from the mainland tumbled by a steeper-than-forecast 6.8% last month, while imports dropped 8.7%. Against this backdrop, traders in Tokyo shrugged off a gross domestic product (GDP) revision showing 1% growth for the third quarter, reversing an earlier estimate that had the Japanese economy slipping into recession. By the close, China's Shanghai Composite dropped 1.9%, Hong Kong's Hang Seng gave up 1.3%, Japan's Nikkei slid 1%, and South Korea's Kospi lost 0.8%.

Over in Europe, energy stocks are pacing the decline at midday, as Brent crude futures continue to hover near eight-year lows. Miners are also suffering heavy losses, pressured by downwardly revised 2016 capex forecasts from sector heavyweights Rio Tinto and Anglo American. At last check, the German DAX is down 1.5%, France's CAC 40 has shed 1.4%, and London's FTSE 100 is 1.1% lower.

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