December 13, 2017
Tuesday, February 23, 2016

Global shares weighed down by oil drop

Wall Street slid on Tuesday on pressure from a renewed drop in oil prices.

Based on the latest available data, the Dow Jones industrial average was down 188.74 points, or 1.14 percent, to 16,431.92, the S&P 500 had lost 24.23 points, or 1.25 percent, to 1,921.27 and the Nasdaq Composite had dropped 67.02 points, or 1.47 percent, to 4,503.58.

European shares fell on falling oil prices and disappointing updates from Standard Chartered and BHP Billiton, but M&A expectations boosted shares in exchange operators.

Standard Chartered fell 6.7 percent after the emerging markets-focused bank reported an 84 percent fall in profits, hammered by weaker global financial markets, tumbling commodity prices and rising loan impairments.

Shares in BHP Billiton dropped 6.1 percent after the miner slashed its interim dividend by 75 percent, abandoning a long-held policy of steady or higher payouts, and reporting its first net loss in more than 16 years.

The pan-European FTSEurofirst 300 index fell 1.3 percent at 1,289.04 points after hitting a two-week high on Monday. The index extended earlier losses in the final stretch of the session as crude oil prices fell further after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts.

In Asia, Japanese shares fell in choppy trade, giving up earlier gains as oil prices reversed course, while a stronger yen kept investors on edge and pressured global cyclical shares.

The Nikkei share average ended 0.4 percent lower at 16,052.05.

The broader Topix declined 0.7 percent to 1,291.17 and the JPX-Nikkei Index 400 shed 0.7 percent to 11,693.78.

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