Oil prices, euro hit new lows European stocks retreat

GMT 13:10 2014 Monday ,08 December

Arab Today, arab today Oil prices, euro hit new lows European stocks retreat

Crude oil prices
London - AFP

 Crude oil prices and the euro reached new depths on Monday as investors reacted to mixed economic data out of China, Japan and the United States, while European stocks dropped.
Brent North Sea crude hit a five-year low at $67.35 a barrel and the European single currency fell to $1.2250 -- the lowest point since August 2012.
"The weakness being seen... is probably largely being driven by the disappointing data seen in China and Japan overnight, although I imagine there's also an element of profit taking," said Craig Erlam, market analyst at Alpari trading group.
China's stuttering economy suffered another blow in November as export growth slowed sharply and imports surprisingly contracted, government data showed Monday, resulting in a record monthly trade surplus.
"The weak exports data strengthened market expectations for policy easing" in the form of Chinese stimulus, Central China Securities analyst Zhang Gang told AFP.
Japan's economy meanwhile contracted more than initially thought in the July-September quarter, revised official data revealed also Monday, showing that the world's third largest economy sank deeper into recession.
Oil prices retreated in response, while after hitting its new low, Brent North Sea crude for delivery in January traded at $67.65 barrel, down $1.42 from Friday's close.
US benchmark West Texas Intermediate (WTI) for January shed $1.13 to $64.71.
In foreign exchange Monday, the euro stood at $1.2258 compared with $1.2383 late in New York on Friday.
The dollar hit a seven-year high of 121.85 yen following the Japanese data.
On the London Bullion Market, gold edged up to $1,195 an ounce from $1,194 on Monday.
European stock markets dropped, with London's benchmark FTSE 100 index sliding 0.83 percent to stand at 6,686.68 points around midday in the British capital.
Frankfurt's DAX 30 dropped 0.59 percent to 10,027.18 points and the CAC 40 in Paris lost 0.79 percent to 4,384.58 compared with Friday's close.
"Chinese trade data fell well short of expectations and this has sent traders scurrying for the exits as the new week gets under way," said Tony Cross, market analyst at Trustnet Direct trading group.
"Both imports and exports for November were significantly lower than has been forecast, highlighting the fact that the Chinese economy is slowing."
Some profit-taking set in after indices had soared on Friday thanks to the United States posting a surge in jobs.
The US economy pumped out 321,000 new jobs in November, the highest monthly number in nearly three years, the Labor Department said ahead of the weekend.
European equities won support late last week also "on the prospects of European Central Bank stimulus early next year", noted Jasper Lawler, analyst at traders CMC Markets UK.


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