UPDATE 2-Oil price slump pounds European stock markets [Reuters (UK)]
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Source: Reuters
Oil price slump pounds European stock markets - Reuters 4 Min Read (Reuters) - European stock markets erased early gains on Monday as a slide in oil prices hammered energy stocks, with investors also bracing for the worst corporate quarterly earnings season since the 2008 financial crisis due to the coronavirus pandemic. The pan-European STOXX 600 index was down 1% after gaining as much as half a percent in early trading, with the energy sector .SXEP posting its fourth decline in five sessions. Total SA ( TOTF.PA ), BP Plc ( BP.L ) and Royal Dutch Shell Plc ( RDSa.L ) were among the biggest drags on the benchmark index, as oil prices fell to levels last seen in 1999 on oversupply concerns. The STOXX 600 has recovered about 23% since hitting an eight-year low in March on dramatic fiscal and monetary stimulus around the world, but still remains 31% away from reclaiming its record high as evidence of the economic hit from the pandemic piles up. “We are starting to get a reality chec
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