European stocks fall on Saudi oil attacks and weak Chinese data

2019-09-16 12:48:41 GMT (
European stocks fall on Saudi oil attacks and weak Chinese data

European stocks fell today, to head for their first loss in the last 5 days, on profit-taking from 2-month high, and on investors' risk aversion due to tensions in the Middle East, after sabotage attacks on 2 Saudi oil facilities, in addition to weak Chinese data that renewed recession concerns.


As of 10:27 GMT, stoxx Europe 600 Index fell by 0.6%, as it closed on Friday higher by 0.3%, after a surge in banking and financial stocks.


During the last week, the index posted a 1% gain, its fourth consecutive weekly gain, after the ECB new stimulus decision to support the european economy to counter the increasing risks.


The index fell today, while heading for the first loss in the last 5 days, as most of the European markets and sectors fell.


Travel and leisure stocks fell by 1.5%, after a report that the World Trade Organization gave the United States a green light to impose tariffs on the European Union due to its support for airlines.


In Saudi Arabia on Saturday, a sabotage attack by drones hit 2 Aramco oil facilities, which led to the stoppage of 5% of the global supply production.


The Yemeni al-Houthi group claimed responsibility but the US accused Iran of being behind the attacks, which is escalating the Middle Eastern geopolitical tensions in a way not seen since the 1991 Gulf War.


While on Monday, Iran rejected responsibility in the attacks, and said that it's unacceptable and invalid.


In China, the industrial production in August grew at the slowest pace in more than 17 years, renewing fears of a recession in the world's second-largest economy.


Chinese Premier of the State Council, Li Keqiang, said that the economy this year is facing many difficulties which hinders a growth rate by 6% or more.


S&P 500 futures fell by 0.8%, while it closed on Friday in Wall Street lower by 0.1%, in its first daily loss in 3 days on profit-taking.


Euro Stoxx 50 index fell by 0.6%, in France the CAC 40 fell by 0.7%, while Germany's DAX rose by 0.5%, and in London, the FTSE 100 fell by 0.2%.

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