GO
Loading...

European Shares To Open Lower on Libya Worries

European shares are set to fall on Tuesday as concerns grow over the political unrest in Libya and Asian stock markets tumbled.

Traders sit in front of their screens at the stock exchange in Frankfurt/Munich, western Germany.
Martin Oeser | AFP | Getty Images
Traders sit in front of their screens at the stock exchange in Frankfurt/Munich, western Germany.

Stocks fell sharply on Monday after political unrest in oil producer Libya fueled concern over energy supplies and sapped investor risk appetite, with Italian stocks among the hardest hit.

US markets were closed for President's day on Monday.

Dozens of people were reported killed in Libya on Monday as anti-government protests reached the capital for the first time and several cities in the east appeared to be in the hands of the opposition.

Output at one of the country's oil fields was reported to have been stopped by a workers' strike and some European oil companies withdrew expatriate workers and suspended operations.

The news sent oil prices sharply higher, with London Brent crude oil futures hitting a fresh 2-1/2 year high as the clashes in Libya threatened to disrupt oil flows from the OPEC member.

The Kingdom of Bahrain on Monday withdrew from hosting this year’s F1 Grand Prix race as the violence escalated across North Africa and the Middle East.

A statement said that the country needed to focus on its "process of national dialogue" following recent clashes in the tiny Gulf state between anti-government protesters and security forces.

Spain's Treasury aims to raise between 2.5 billion and 3.5 billion euros at its Tuesday auction of 3 and 6-month treasury bills.

German consumer sentiment is also due out on Tuesday morning, as well as data on the UK's public sector finances.

Contact Europe: Economy

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More