European Markets Dropped After Commodity Sell-Off

(RTTNews) - The European markets declined Wednesday, following another drop in commodity prices. Energy stocks were under pressure after Saudi Arabia refused to change its current production policy. Mining and metal stocks were also down as precious metal prices slipped lower.

Trading activity remained on the light side ahead of the upcoming New Year's Day holiday and many European markets will close early on Thursday for New Year's Eve. Wednesday also proved to be a light day for economic data, with some housing data released by the U.K. and the U.S.

The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.79 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.49 percent.

The DAX of Germany dropped 1.08 percent and the CAC 40 of France fell 0.52 percent. The FTSE of the U.K. declined 0.64 percent and the SMI of Switzerland finished lower by 0.73 percent.

In Frankfurt, Fresenius Medical Care declined 1.28 percent and Fresenius lost 0.77 percent. Bayer also dropped 1.78 percent.

Commerzbank decreased 1.16 percent and Deutsche Bank fell 0.88 percent.

Volkswagen weakened by 1.18 percent and Daimler surrendered 1.02 percent. BMW also finished down by 0.94 percent.

In Paris, Total fell 1.36 percent and Technip declined 1.06 percent.

Societe Generale decreased 1.36 percent and BNP Paribas lost 0.96 percent.

In London, mining stocks were under pressure due to falling commodity prices. Glencore tumbled 3.54 percent and Anglo American fell 1.81 percent. BHP Billiton dropped 1.96 percent and Rio Tinto lost 0.96 percent.

BP declined 1.55 percent and BG Group weakened by 1.39 percent. Royal Dutch Shell surrendered 1.02 percent and Tullow Oil lost 5.49 percent.

Royal Bank of Scotland dropped 2.35 percent and Standard Chartered fell 2.53 percent. Barclays slipped 0.85 percent and HSBC decreased 1.25 percent.

Julius Baer gained 4.04 percent in Zurich, after the lender reported an agreement in principle with the U.S. to settle a tax evasion probe.

Eurozone money supply increased at a slower pace in November and annual growth in loans to households improved from October, the European Central Bank reported Wednesday. The broad monetary aggregate M3 climbed 5.1 year-on-year in November, slower than October's 5.3 percent increase and a 5.2 percent rise forecast by economists.

U.K. house prices increased the most in eight months in December as a strong labor market underpinned buyer demand amid shortage of properties.

House prices grew 0.8 percent in December, faster than the 0.1 percent gain seen in November, data from the Nationwide Building Society showed Wednesday. This was the fastest growth since April, when prices climbed 1 percent and also exceeded an expected growth of 0.4 percent.

England/Wales house price growth accelerated in November to the highest level in eight months, figures from Land Registry showed Wednesday. House prices climbed 5.6 percent year-over-year in November, faster than the 5.2 percent hike in the preceding month.

The State Administration of Foreign Exchange on Wednesday revised China's balance of payment figures for the third quarter. The current account surplus for July to September period was revised to $60.3 billion from $63.4 billion.

An indicator of future U.S. home sales unexpectedly declined in November, indicating the third decline in the last four months. The National Association of Realtors' pending home sales index fell 0.9 percent in November. Economists had expected an increase for the month.