Yemen conflict hits world stocks hard

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Yemen conflict hits world stocks hard

Brent crude futures contract was up $2.34 at $58.81

By (AP)

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Published: Fri 27 Mar 2015, 10:56 PM

Last updated: Thu 25 Jun 2015, 9:52 PM

London — Yemen crisis hit stock markets hard on Thursday and sent oil prices surging.

In Europe, France’s CAC 40 slid 1.6 per cent to 4,939 while Germany’s DAX dropped 1.9 per cent to 11,643. Britain’s FTSE 100 shed 1.4 per cent to 6,890.

Wall Street was poised for sizeable losses at the open, with both Dow futures and the broader S&P 500 futures down 0.6 per cent, a day after recording substantial losses in the wake of weak economic data that reinforced concerns over the US economic recovery.

The benchmark US crude futures contract was up $2.20 at $51.41 a barrel in electronic trading on the New York Mercantile Exchange. The Brent crude futures contract, a benchmark for international oils, was up $2.34 at $58.81 in London.

“The conflict has the potential to act as a drag on oil supplies as most oil tankers from Arab producers must pass by the Yemen coastline in order to get through the Red Sea and Suez Canal,” said Craig Erlam, senior market analyst at OANDA.

Japan’s Nikkei 225 fell 1.4 per cent to 19,471.12 while Hong Kong’s Hang Seng shed 0.1 per cent to 24,497.08. South Korea’s Kospi lost one per cent to 2,022.56. Australia’s S&P/ASX 200 shed 1.6 per cent to 5,879.10 while China’s Shanghai Composite rose 0.6 per cent to 3,682.10. Markets in Southeast Asia were mixed. India and Taiwan fell.

The euro rose 0.3 per cent to $1.0995 while the dollar fell 0.7 per cent to ¥118.69. 

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