Markets

European Stocks Lower As Oil Prices Drop, Greek Government Meets EU Ministers

European shares slid on Wednesday as crude oil futures for March delivery slipped beneath $50 a barrel in the pre-market trading session following two days of gains.

The key commodity has lost half of its value over the past seven months as a result of oversupply and lower demand.

In Europe, all eyes were on Brussels as Greece's newly elected government presented proposals for an alternative debt plan at a meeting with Eurozone finance ministers.

The country's existing bailout arrangement is scheduled to expire later this month, and the government is seeking to replace, rather than renew the existing austerity plan, with a new arrangement.

Elsewhere in company news, London-listed Sirius Real Estate, which invests and develops commercial property to provide flexible workspace in Germany, announced that it had completed the acquisition of two multi-let business parks located in Aachen and Bonn for a total consideration of EUR21.8 million, inclusive of acquisition costs.

The Aachen business park is located in the expanding Wuerselen district, just west of the company's Bonn and Cologne parks and well situated next to the Dutch and Belgian borders.

It has a total lettable area of 26,759 sqm and is currently 73% let to a mix of office and light industrial tenants.

The FTSE ended down 0.16%, the DAX down 0.02% and the CAC-40 down 0.35%.

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

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