{"id":262866,"date":"2011-02-22T16:53:04","date_gmt":"2011-02-22T16:53:04","guid":{"rendered":"http:\/\/new.moldova.org\/2011\/02\/22\/stock-markets-fall-on-libyan-unrest-and-high-oil-price-217403-eng\/"},"modified":"2011-02-22T16:53:04","modified_gmt":"2011-02-22T16:53:04","slug":"stock-markets-fall-on-libyan-unrest-and-high-oil-price-217403-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/stock-markets-fall-on-libyan-unrest-and-high-oil-price-217403-eng\/","title":{"rendered":"Stock markets fall on Libyan unrest and high oil price"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

\nEuropean stock markets have fallen sharply after unrest in Libya and the Middle East sent oil prices to a two-and-a-half year high.<\/p>\n

The UK’s FTSE and France’s Cac index lost about 1.5% in early trading, while Germany’s Dax was 0.7% lower.<\/p>\n

Earlier, Asian stocks fell, in part due to an earthquake in New Zealand.<\/p>\n

London Brent oil rose by almost $2 a barrel to $107.7, while US light crude jumped $8 a barrel to $94.2 following a market holiday in the US on Monday.<\/p>\n

The price of London Brent crude had risen by more than 3% on Monday.<\/p>\n

Brent is now at its highest price since September 2008, while US crude is at its highest point since October of the same year.<\/p>\n

On Tuesday, Standard & Poor’s (S&P) credit rating agency downgraded Libya from A- to BBB+, and said it could lower the rating further.<\/p>\n

"We expect that the violent outbreaks of civil unrest seen in Libya’s eastern region, and particularly the city of Benghazi, of the past few days will persist," S&P said.<\/p>\n

Fellow agency Fitch downgraded the country on Monday.<\/p>\n

Growing tension<\/strong><\/p>\n

Libya is the world’s 12th-largest exporter of oil, and there are concerns that growing tensions in the country could hit oil production.<\/p>\n

Spillover into other big regional producers, such as Saudi Arabia and Kuwait, is another concern that is forcing up the price of oil.<\/p>\n

"The market is reacting to violence in the Middle East… and not to fundamentals," said United Arab Emirates Energy Minister Mohammad bin Dhaen al-Hamli.<\/p>\n

However, Saudi Arabia’s Oil Minister Ali al-Naimi said his country’s spare production capacity could help "compensate for any shortage in international supplies".<\/p>\n

Global oil companies have been pulling staff out of Libya as unrest continues to spread.<\/p>\n

On Tuesday, Royal Dutch Shell said it had successfully relocated all its expat employees.
\n‘Very nervous’<\/p>\n

The rising price of oil, which fuels further rises in already high inflation rates and hits corporate profits, affected stock markets in Asia and Europe.<\/p>\n

In France the Cac 40 index lost 1.6%, while the UK’s FTSE 100 index fell 1.3%.<\/p>\n

The Italian stock exchange, based in Milan, was suspended on Tuesday due to "technical problems". The market fell 3.6% on Monday on concerns about Italian companies’ exposure to Libya.<\/p>\n

Earlier, Japan’s Nikkei index closed down 1.7%, South Korea’s Kospi ended the day 1.7% lower and Hong Kong’s Hang Seng was down 2.1%.<\/p>\n

"The market is very nervous over news of violence in Libya, and that’s driving prices," said Yinxi Yu of Barclays Capital.<\/p>\n

"It looks like the uncertainty in the region is not going to be resolved anytime soon."<\/p>\n

Unrest in the region could spark a wider correction in stock markets, analysts said.<\/p>\n

"Given the fact that we have seen massive gains in stock markets over the last few months, investors have been nervous about a possible correction for some time," said Michael Hewson at CMC Markets.<\/p>\n

"The tensions in the Middle East with Libya imploding and concerns that the unrest could spread to Saudi Arabia could provide a catalyst for [this] correction."<\/p>\n

In Asia, market sentiment was also affected by an earthquake in New Zealand.<\/p>\n

New Zealand’s NZX 50 stock index fell 0.7% on concerns that the damage caused by the earthquake will add further to the country’s growing debt.<\/p>\n

The New Zealand dollar also weakened by nearly 2% against the US dollar.<\/p>\n

Taking flight<\/strong><\/p>\n

Companies that depend on fuel, such as airlines, were among the biggest fallers on Asia’s stock markets.<\/p>\n

Fuel represents about 40% of operational costs for airlines, and investors are worried that the higher prices will eat into profits.<\/p>\n

Shares in Singapore Airlines, the world’s second-biggest carrier by market value, declined 1.7%, while Korea Airlines slumped 9% and Cathay Pacific Airways was down 4.5%.<\/p>\n

In Taiwan, China Airlines lost 6%, dropping to its lowest value since 30 July. Shares in Australia’s national carrier Qantas slipped 1.2%.<\/p>\n

In Europe, Germany’s Lufthansa was the biggest faller on the country’s Dax index, slipping 2.4%, while in the UK, International Consolidated Airlines, formed from the merger of British Airways and Iberia, fell 3.6%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>London Brent oil rose by almost $2 a barrel to $107.7, while US light crude jumped $8 a barrel to $94.2 following a market holiday in the US on Monday.<\/p>\n","protected":false},"author":3,"featured_media":262865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-262866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>

\nEuropean stock markets have fallen sharply after unrest in Libya and the Middle East sent oil prices to a two-and-a-half year high.<\/p>\n

The UK’s FTSE and France’s Cac index lost about 1.5% in early trading, while Germany’s Dax was 0.7% lower.<\/p>\n

Earlier, Asian stocks fell, in part due to an earthquake in New Zealand.<\/p>\n

London Brent oil rose by almost $2 a barrel to $107.7, while US light crude jumped $8 a barrel to $94.2 following a market holiday in the US on Monday.<\/p>\n

The price of London Brent crude had risen by more than 3% on Monday.<\/p>\n

Brent is now at its highest price since September 2008, while US crude is at its highest point since October of the same year.<\/p>\n

On Tuesday, Standard & Poor’s (S&P) credit rating agency downgraded Libya from A- to BBB+, and said it could lower the rating further.<\/p>\n

"We expect that the violent outbreaks of civil unrest seen in Libya’s eastern region, and particularly the city of Benghazi, of the past few days will persist," S&P said.<\/p>\n

Fellow agency Fitch downgraded the country on Monday.<\/p>\n

Growing tension<\/strong><\/p>\n

Libya is the world’s 12th-largest exporter of oil, and there are concerns that growing tensions in the country could hit oil production.<\/p>\n

Spillover into other big regional producers, such as Saudi Arabia and Kuwait, is another concern that is forcing up the price of oil.<\/p>\n

"The market is reacting to violence in the Middle East… and not to fundamentals," said United Arab Emirates Energy Minister Mohammad bin Dhaen al-Hamli.<\/p>\n

However, Saudi Arabia’s Oil Minister Ali al-Naimi said his country’s spare production capacity could help "compensate for any shortage in international supplies".<\/p>\n

Global oil companies have been pulling staff out of Libya as unrest continues to spread.<\/p>\n

On Tuesday, Royal Dutch Shell said it had successfully relocated all its expat employees.
\n‘Very nervous’<\/p>\n

The rising price of oil, which fuels further rises in already high inflation rates and hits corporate profits, affected stock markets in Asia and Europe.<\/p>\n

In France the Cac 40 index lost 1.6%, while the UK’s FTSE 100 index fell 1.3%.<\/p>\n

The Italian stock exchange, based in Milan, was suspended on Tuesday due to "technical problems". The market fell 3.6% on Monday on concerns about Italian companies’ exposure to Libya.<\/p>\n

Earlier, Japan’s Nikkei index closed down 1.7%, South Korea’s Kospi ended the day 1.7% lower and Hong Kong’s Hang Seng was down 2.1%.<\/p>\n

"The market is very nervous over news of violence in Libya, and that’s driving prices," said Yinxi Yu of Barclays Capital.<\/p>\n

"It looks like the uncertainty in the region is not going to be resolved anytime soon."<\/p>\n

Unrest in the region could spark a wider correction in stock markets, analysts said.<\/p>\n

"Given the fact that we have seen massive gains in stock markets over the last few months, investors have been nervous about a possible correction for some time," said Michael Hewson at CMC Markets.<\/p>\n

"The tensions in the Middle East with Libya imploding and concerns that the unrest could spread to Saudi Arabia could provide a catalyst for [this] correction."<\/p>\n

In Asia, market sentiment was also affected by an earthquake in New Zealand.<\/p>\n

New Zealand’s NZX 50 stock index fell 0.7% on concerns that the damage caused by the earthquake will add further to the country’s growing debt.<\/p>\n

The New Zealand dollar also weakened by nearly 2% against the US dollar.<\/p>\n

Taking flight<\/strong><\/p>\n

Companies that depend on fuel, such as airlines, were among the biggest fallers on Asia’s stock markets.<\/p>\n

Fuel represents about 40% of operational costs for airlines, and investors are worried that the higher prices will eat into profits.<\/p>\n

Shares in Singapore Airlines, the world’s second-biggest carrier by market value, declined 1.7%, while Korea Airlines slumped 9% and Cathay Pacific Airways was down 4.5%.<\/p>\n

In Taiwan, China Airlines lost 6%, dropping to its lowest value since 30 July. Shares in Australia’s national carrier Qantas slipped 1.2%.<\/p>\n

In Europe, Germany’s Lufthansa was the biggest faller on the country’s Dax index, slipping 2.4%, while in the UK, International Consolidated Airlines, formed from the merger of British Airways and Iberia, fell 3.6%.<\/p>\n

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