On that note, it’s time to close for the evening. On Wall Street the Dow Jones Industrial Average is down 93 points or 0.57%. In Greece, the Athens market added 0.78% to 557.16.Spain’s Ibex ended 0.31% down at 8788.5.France’s Cac closed 0.56% lower at 4392.33.That said, the degree of weakness in equity markets has been rather measured, the FTSE-100 is closing above 6,000 and the renewed intervention we’ve seen by central banks does seem to be helping limit downside pressures. Last week’s optimism that a deal to curtail output would be struck between Russia and Saudi Arabia has come to nothing, whilst the price weakness has been further exacerbated by the release of worse than expected manufacturing PMI data from China and ISM manufacturing readings from the US in the last few hours. Tony Cross at Trustnet Direct said:Īny hope that equity markets would start February with a spring in their step has been scuppered as crude oil prices have resumed their downward trajectory. Brent is currently down 4.5% at $34.36 a barrel.īut markets have come off their worst levels, helped by a better than expected start on Wall Street. The Chinese disappointment in particular has helped send crude oil prices sliding again, along with growing doubts about any early Opec agreement to cut production and tackle the supply glut. More underwhelming manufacturing data - from China to Europe to the US - has cast a further shadow over the prospects for the global economy. February has got off to a fairly downbeat start for stock markets.
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