Oil prices, stock markets slide

Oil prices and stock markets slumped yesterday, with Brent North Sea crude tumbling under $70, while the dollar strengthened as the Federal Reserve flagged more US interest rate hikes. The Brent benchmark struck a seven-month low on surging US energy stockpiles before a weekend meeting of major oil producing nations.

Wall Street joined European and Asian stock markets in losing ground as a rally triggered by unsurprising US midterm election results faded away. Shortly after the opening bell the Dow Jones index was off 0.6 per cent while mid-session London’s benchmark FTSE 100 index and Paris had both retreated 0.6pc, as markets waited also on a Brexit deal to smooth Britain’s bumpy exit from the European Union.

Frankfurt’s DAX 30 index was also in the red, losing 0.3pc amid worries over Italy’s troubled economy and Asian equities also endured losses. Tokyo ended down 1.1pc. Hong Kong shed 2.4pc and Shanghai finished 1.4pc lower, also after data showed another drop in Chinese factory prices, while tech firms were hit by a series of weak earnings results from mainland firms.