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The Breakfast Briefing: Oil Rout Drags Global Stocks Lower
FYI: Global stocks dropped Wednesday amid continued concern about volatile oil prices and mounting questions about global growth.
The Stoxx Europe 600 was down 1% in midmorning trade, as energy and resources stocks dropped despite a rise in oil prices. Asian markets broadly fell.
On Wall Street, futures pointed to opening losses of 0.4% for the S&P 500 and 0.3% for the Dow Jones Industrial Average.
Oil prices rose Wednesday after sinking deeper into a bear market Tuesday as concerns about oversupply and weakening demand engulfed the market. U.S. crude prices were up 0.7%, after a 7.1% tumble Tuesday, the steepest fall in three years.
Investors were watching closely for Brexit deal news out of the U.K. as Prime Minister Theresa May prepares to bring an agreement with the EU to a divided cabinet. Weak German growth data and Italy's refusal to revise its budget were driving European stocks lower, with the Stoxx Europe 600 index SXXP, -0.81% dropping over 1%. Regards, Ted
