Overseas Trading: Heavy Oil Losses Drag Stocks Lower

Oil stocks are among the top decliners around the globe as crude futures continue to fall

Dec 14, 2015 at 8:27 AM
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Stocks in Asia settled mostly lower today, with oil stocks among the top decliners. Meanwhile, Fosun Group subsidiaries kept tumbling in Shanghai and Hong Kong, even after missing Chairman Guo Guangchang was spotted at a company event Monday. However, stocks on the mainland managed to finish higher, with property developers catching a lift from upbeat home sales data. By the close, China's Shanghai Composite rallied 2.5%, Hong Kong's Hang Seng fell 0.7%, South Korea's Kospi lost 1.1%, and Japan's Nikkei shed 1.8%.

European markets are also in the red at midday, with Brent crude futures extending recent losses to trade around seven-year lows. As a result, oil stocks like Total, BP, and Royal Dutch Shell are all on negative ground. At last check, the German DAX is down 0.7%, the French CAC 40 has slipped 0.4%, and London's FTSE 100 is 0.1% lower.

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