Shares in Asia and Europe Fall On Monday as Oil Prices Slump

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By Jacob Maslow

Oil prices continue to slump on Monday, causing European and Asian markets to suffer. Concerns over China’s growth and Japan’s manufacturing slump have caused concerns in markets across Asia and Europe.

Brent and US crude oil prices tumbled 1.8% on the day after a rebound that occurred over the weekend in the Middle East. Chinese stocks suffered losses of nearly 3% after industrial profits data showed weakening in the month of November.

European markets are rather slow this week following the holiday weekend, and London markets are currently shut down. Australian and Canadian dollars both fell on the day, down nearly 0.33%. Bond yields are also lower on the day.

In the month of November, profits for Chinese industrial companies fell 1.4% year-on-year to mark the six month in a row of declines in the industry. Producer prices are struggling and overcapacity is causing the Chinese economy to struggle. The Hong Kong Hang Seng index fell 1% on the day, while the KOSPI fell 1.3%.

International Brent crude prices are just one cent higher than the 11-year low currently trading at $37.26 a barrel. German 10 year bonds also saw their yields fall two basis points down to 0.60%.

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