1:35 PM New York City, New York – Global markets lacked direction and trended lower as crude oil price declined on the rising production from Nigeria and North Sea. Stocks in China resumed the decline after a long weekend and U.S. markets were closed for Labor Day.
Global markets traded lower and the U.S. markets were closed for Labor Day and crude oil and commodities traded volatile.
Brent crude oil prices in London traded lower after shipments from Nigeria and the North Sea. Oil production in Nigeria is reaching a high not seen since August and North Sea output is set to reach a high not reached since May 2012.
Immediate futures of Brent crude declined $1.45 to close at $48.17 a barrel in London, U.K.
In London trading, FTSE 100 index gained 33 or 0.6% to 6,076 and in Frankfurt the DAX index rose 53.91 or 0.5% to 10,091.84.
In Paris, CAC 40 index increased 16.83 or 0.4% to 4,540.38.
soared 6.6% to 131.20 pence after the Switzerland-based natural resource producer and trader said it will suspend its dividends till 2016, sell assets to raise $2 billion and will raise $2.5 billion from a stock issue
The restructuring will reduce the net debt to $20 billion from $30 billion by the end of next year.
The miner had suspended copper production for 18-months from Katanga operation in the Democratic Republic of Congo and Mopani project in Zambia.
fell 0.1% to 185.70 pence after the U.K.-based grocery retailer agreed to sell its South Korean retail business to a group led by private-equity firm MBK Partners Ltd. for £4 billion or $6.1 billion.
Tesco will utilize net proceeds to reduce its debt of £4.23 billion.
Tesco is in businesses restructuring and reported full-year net loss of $8.5 billion through February and has already closed 43 unprofitable stores in April.
The transaction is expected to close fourth-quarter of this year.
Stocks in Tokyo managed to close higher in volatile trading and investors awaited reopening of the U.S. market after a 3-day weekend tomorrow.
Market indexes and currencies across Asia declined and stocks in Shanghai opened higher after a four-day long weekend but fell nearly 4% at close.
The Nikkei 225 Stock Average gained 68.31 or 0.4% to 17,860.47 and the broader Topix index added 1.12 to 1,445.65.
The yen strengthened to 119.33 against a dollar.
increased 1.8% to 352.70 yen after the diversified company reported net sales in the year ending in March 2015 jumped 3.3% from a year ago to 6.65 trillion yen.
Net in the year swung to a loss of 37.8 billion yen compared to profit of 60.2 billion yen and diluted loss per share swung to 8.93 yen from diluted earnings per share of 14.23 yen in the same period a year ago.