BP

Energy stocks drag FTSE 100 lower as virus fears weigh

Credit: REUTERS/PETER NICHOLLS

London's FTSE 100 retreated on Monday as a dip in oil prices hit energy stocks, while fears of a faltering economic recovery due to a resurgence in novel coronavirus cases weighed on European markets.

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

FTSE 100 down 0.6%, FTSE 250 drops 0.8%

Oct 26 (Reuters) - London's FTSE 100 retreated on Monday as a dip in oil prices hit energy stocks, while fears of a faltering economic recovery due to a resurgence in novel coronavirus cases weighed on European markets.

The commodity-heavy FTSE 100 index .FTSE fell 0.6%, dragged by banks .FTNMX8350, mining .FTNMX1770 and industrial .FTNMX2720 stocks.

BP Plc BP.L and Royal Dutch Shell Plc RDSa.L tumbled 1.8% and 2.3%, respectively, as oil prices dropped on concerns over demand for crude. O/R

The domestically-focussed mid-cap FTSE 250 index .FTMC lost 0.8% even as a report said European Union chief Brexit negotiator Michel Barnier was planning to extend his London visit until Wednesday, while a UK minister saw a good chance of striking a trade deal.

However, AstraZeneca Plc AZN.L rose 0.7% after a report said the COVID-19 vaccine being developed by the University of Oxford and the drugmaker produced a robust immune response in elderly people.

(Reporting by Devik Jain in Bengaluru; editing by Uttaresh.V)

((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BP AZN NG PG NL

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More