Overseas Trading: Oil Drowns Global Stocks; Shanghai Bucks Sell-Off

Outside of China's Shanghai Composite, global stock benchmarks are selling off due to falling oil prices

by Josh Selway

Published on Feb 24, 2016 at 8:44 AM

Most stocks in Asia closed lower on Wednesday, as falling oil prices weighed on stock markets after Saudi Arabia's Oil Minister Ali Al-Naimi on Tuesday said oil production would not be cut. The one positive outlier was China's Shanghai Composite; the index posted a gain of 0.9%, with investors anticipating new initiatives from the Chinese government to strengthen state-owned enterprises. Leading the losers was Hong Kong's Hang Seng, which dropped 1.2%. Elsewhere, Japan's Nikkei lost 0.9% and South Korea's Kospi slid 0.1%. 

The situation is no different in Europe, where energy stocks are suffering heavy losses amid falling crude oil prices. Mining stocks are also crumbling, with heavyweight BHP Billiton continuing to its post-earnings plummet from Tuesday. London's FTSE 100 was down 1.3% at last check, and France's CAC 40 and Germany's DAX had fallen 2% and 2.3%, respectively. 


160224OS

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.
First Week in April Provides More Coronavirus-Related Volatility
A slew of coronavirus-related news sent markets on another weekly roller coaster ride
Netflix Stock Heading into Historically Bullish Quarter
NFLX's 10-day moving average has stepped up as support lately
The Latest Investor's Guide to Precious Metals
Learn how to protect savings and maximize returns by investing in precious metals.