LONDON (The Deal) -- European stocks fell on Tuesday, following Asian indices down after oil prices hit a seven-year low and prices of commodities including copper continued to decline.
In London, the FTSE 100 fell 0.45% to 6,194.93, with mining stocks, led by Glencore (GLNCY) , dragging the index lower. In Frankfurt, the DAX declined 0.45% to 10,836.91 and in Paris the CAC 40 dropped 0.36% to 4,739.31.
Third-quarter GDP data from the eurozone matched preliminary figures and showed the economy expanded by 0.3% on the quarter and 1.6% year-on-year. In the U.K., official figures showed industrial output in October expanded by a greater-than-expected 1.7% from a year earlier.
Anglo American (AAUKY) hit a new low in London and was recently trading down almost 7% after the company suspended the dividend, said it would slash 63% of its workforce and put more assets on the block to help withstand the collapse in commodity prices.
Rio Tinto Group (RIO) - Get Rio Tinto Plc Report was down 4.8% after cutting projected capital expenditure for 2016. Copper producer Glencore was down more than 8% as of late morning and BHP Billiton (BHP) - Get BHP Group Ltd. Report was down 4.6%.
In Paris, conglomerate Bouygues (BOUYY) was up 2.2% after Bloomberg reported that Orange (ORAN) - Get Orange SA Report is in early talks about buying its telecoms operations. Both companies denied a transaction was in the cards. Orange rose 1%.
GameLoft was also up 2.2% in Paris after Vivendi late on Monday revealed it had raised its stake to 26.7% and said it wouldn't "exclude" a full bid if the games maker doesn't cooperate with its vision for the affiliate.
Asian indices slumped on Tuesday despite better-than-expected news on the Japanese economy.
In Sydney, the S&P/ASX 200 dropped 0.91% to 5,108.61. Oil Search closed down 16.4% after Woodside Petroleum abandoned a $8 billion takeover bid. Woodside fell almost 4%.
Energy producer Santos closed down 13.1% and South32, a resources company spun off by BHP Billiton earlier this year, lost more than 8% of its value.
In Tokyo, the Nikkei 225 fell 1.04% to close at 19,492.60 and the Topix also closed down 1.04% at 1,568.73. The Japanese economy expanded 0.3% in the third quarter, much better than the economic stagnation analysts and economists had anticipated, after GDP contracted by 0.2% the previous quarter.
In Hong Kong, the Hang Seng tumbled 1.34% to close at 21,905.13.
On mainland China, the Shanghai Composite declined 1.89% to close at 3,470.07 and the Shenzhen Component index retreated 2.23% to 12,164.97.
In Seoul, Samsung Engineering bucked the negative trend to close up almost 14% on news that the heir to the patriarch who controls the Samsung chaebol, or industrial group, will back an equity offering to the tune of up to W300 billion ($2.5 billion).