Economic news

Energy Stocks Drag FTSE 100 Lower as Virus Fears Weigh

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 fell 0.6%, dragged by banks, mining and industrial stocks.

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

The domestically-focussed mid-cap FTSE 250 index 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 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)

Source: Reuters

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