AFP, New York :
Plunging oil prices and a weakened Boeing knocked the wind of out Wall Street on Tuesday, ending hopes of a quick rebound from Monday’s sell-off.
Elsewhere, global equities markets offered a mixed picture but were mostly higher despite headwinds from Brexit talks and Italy’s budget talks. London underperformed after the European Union published contingency plans for a “no-deal” Brexit. A deal was announced just after the closing bell on a “technical level” and was to go before the British Cabinet on Wednesday. Frankfurt and Paris both forged higher.
But in New York, West Texas Intermediate benchmark crude oil swung to a record 12th straight negative finish in its biggest drop since 2015, weighing on supermajors Chevron and Exxon Mobil and dragging the Dow Jones Industrial Average lower.
OPEC on Tuesday trimmed its global oil demand growth forecasts for this year and next, as kingpin Saudi Arabia tries to cut output to bolster prices in a weakening market.
The S&P likewise sank while the tech-heavy Nasdaq slid. Wall Street had suffered a rout on Monday as fears of declining demand in the tech sector spread to the whole of the market. Meanwhile, Boeing gave up 2.1 percent, extending losses following a Wall Street Journal report that it had allegedly withheld information tied to a flight control feature involved in a fatal crash.
Plunging oil prices and a weakened Boeing knocked the wind of out Wall Street on Tuesday, ending hopes of a quick rebound from Monday’s sell-off.
Elsewhere, global equities markets offered a mixed picture but were mostly higher despite headwinds from Brexit talks and Italy’s budget talks. London underperformed after the European Union published contingency plans for a “no-deal” Brexit. A deal was announced just after the closing bell on a “technical level” and was to go before the British Cabinet on Wednesday. Frankfurt and Paris both forged higher.
But in New York, West Texas Intermediate benchmark crude oil swung to a record 12th straight negative finish in its biggest drop since 2015, weighing on supermajors Chevron and Exxon Mobil and dragging the Dow Jones Industrial Average lower.
OPEC on Tuesday trimmed its global oil demand growth forecasts for this year and next, as kingpin Saudi Arabia tries to cut output to bolster prices in a weakening market.
The S&P likewise sank while the tech-heavy Nasdaq slid. Wall Street had suffered a rout on Monday as fears of declining demand in the tech sector spread to the whole of the market. Meanwhile, Boeing gave up 2.1 percent, extending losses following a Wall Street Journal report that it had allegedly withheld information tied to a flight control feature involved in a fatal crash.
