EU stocks close smaller amid geopolitical concerns

Reportedly, the pan European Stoxx 600 fell about 0.4 percent low. While the household goods dropped over 1 percent in order to lead losses. Moreover, oil and gas stocks gained 3 percent due to crude prices soared following the recent oil attack in Saudi Arabia.

Oil prices rose overnight after drone attacks at the weekend hamper key oil production facilities in Saudi Arabia, crucially wiping out nearly five percent of worldwide supply. According to the buzz, the Brent crude oil showed its greatest intraday percentage increment on record, the last trading over 10 percent that was higher at $66.52 per barrel.

The United States of America President Donald Trump told that America is locked and loaded and they were waiting to hear from Saudi Arabia about the next steps, escalating fears of forthcoming military confrontation. The American president also authorized the launch of United States oil reserves in order to help maintain global supply.

It is reported that the Chinese industrial output for August increased at its slowest pace for almost 17.5 years. Chinese Premier Li Kequiang told that it’s extremely difficult for the economy of China to increase at a rate of 6 percent and more, because of its high starting base and a heavy international backdrop.

As per the recent news, the stocks of Wall Street slid due to the fears of a worldwide economic slowdown hike amid the sudden rise in oil prices. The S&P500 and Nasdaq indexes were both landed in negative territory, while, the Dow Jones industrial average dropped over 100 points. Furthermore, the prime minister of UK Boris Johnson met with the European Commission Jean Claude Jinker who said that he had reminded United Kingdom PM to provide a proper and precise solution to the Brexit impasse.