Equities fall on global commodity storm

AFP, LONDON: European stocks fell yesterday with miner Anglo American striking new historic lows as it languished at the centre of a global “commodity storm”, dealers said.
Markets had opened with slender gains after the previous day’s heavy commodity-fuelled losses, but stumbled once more as investors eyed a fresh collapse in Anglo’s shares.
A modest recovery in oil prices—with Brent crude bobbing back above $40 per barrel—was shrugged off by markets, which also remain anxious over China’s ongoing economic woes.
“This morning’s tentative gains look like they were a mere stop-gap, the brief calm before the resumption of the commodity storm,” said Spreadex analyst Connor Campbell. He added: “Once again it is Anglo American leading the miners lower.
“With little to distract investors, it’s hard not to linger on the whopping 85,000 jobs Anglo is set to slash—and, of course, that suspended dividend.” Anglo American struck a new all-time low at 277.6 pence. The stock later stood at 296.60 pence, down 8.36 per cent from Monday’s close, but it still sat atop the FTSE 100 fallers’ board.

Equities fall on global commodity storm

AFP, LONDON: European stocks fell yesterday with miner Anglo American striking new historic lows as it languished at the centre of a global commodity storm, dealers said. Markets had opened with slender gains after the previous days heavy commodity-fuelled losses, but stumbled once more as investors eyed a fresh collapse in Anglos shares. A modest recovery in oil priceswith Brent crude bobbing back above $40 per barrelwas shrugged off by markets, which also remain anxious over Chinas ongoing economic woes. This mornings tentative gains look like they were a mere stop-gap, the brief calm before the resumption of the commodity storm, said Spreadex analyst Connor Campbell. He added: Once again it is Anglo American leading the miners lower. With little to distract investors, its hard not to linger on the whopping 85,000 jobs Anglo is set to slashand, of course, that suspended dividend. Anglo American struck a new all-time low at 277.6 pence. The stock later stood at 296.60 pence, down 8.36 per cent from Mondays close, but it still sat atop the FTSE 100 fallers board.