LONDON (The Deal) -- European markets followed Asia lower on Wednesday as oil prices dipped, with commodities and energy stocks leading declines.

In London, the FTSE 100 tumbled 1.44% to 5,876.29, while in Frankfurt the DAX erased 2.43% to 9,187.74. In Paris, the CAC 40 retreated 2.02% to 4,143.00.

S&P 500 futures were down 0.64% at 1,903.75. 

Brent crude dipped to $32.66 after Iran's oil minister dismissed as "ridiculous" a proposal by Saudi Arabia and Russia to freeze production. The news took the mojo out of blue-chip energy stocks including Total (TOT) - Get Report , which was 2.3% lower in Paris, and Royal Dutch Shell (RDS.A) , which fell more than 3% in London. 

Miners were the morning's worst performers on London's resource-heavy FTSE 100, with Glencore (GLNCY) , BHP Billiton (BHP) - Get Report  and Anglo American (AAUKF)  all losing more than 5% by late morning local time. 

Standard Chartered Bank (SCBFF)  fell 5.03% in a sequel to Tuesday's slump after missing full-year profit and revenue expectations amid a growing bad-loan pile. 

Hedge fund company Man Group was down more than 7%. Profit fell from $418 million in 2014 to $400 million in 2015, with CEO Manny Roman cautioning of continued "very challenging" market volatility. Assets under management rose from $72.9 billion in 2014 to $78.7 billion in 2015. 

In Frankfurt, Bayer also lost some steam on a management shake-up that will see Werner Baumann succeed Marijn Dekkers as CEO with effect from May 1. Shares were down 2.5%. 

Airbus Group shed 2.73% after rising earlier this morning. The company posted a 15% rise in earnings per share and a 1.6% rise in 2015 profit. In 2016, Airbus is betting on stable earnings before interest and tax compared with 2015, along with stable free cash grow, amid expectations that the world economy and air traffic will grow in line with prevailing independent forecasts and assuming no major disruptions. 

Among gainers, Petrofac jumped 6.4% in London after the oilfield services company reiterated its 2016 net profit target. It also stuck to its 2015 dividend pledge despite the Laggan-Tomore North Sea project putting a dent in profits. 

In Paris, carmaker PSA Peugeot Citroen rose 1.21% as investors welcomed news of its first dividend payment since 2011. It also promised to unveil a new plan in April for returning to growth after declaring its turnaround complete. 

In Frankfurt, Fresenius rose 2.33% on a bullish 2016 outlook from Europe's largest health care provider. The company said it expects revenue to grow between 7% and 10% in 2016, and that it plans to spend around $750 million on acquisitions out of $1 billion to $1.1 billion in capital expenditures. 

In Amsterdam, Delta Lloyd was 2.8% higher after the insurer scaled back a planned rights issue to €650 million from its previous goal of up to €1 billion and 2015 results that was largely a mixed bag. 

Later Wednesday, the focus shifts to the other side of the Atlantic for a barrage of data from the world's largest economy including the latest Markit Purchasing Managers' Index, January new home sales, and weekly crude oil stocks. 

In Asia, the Tokyo's Nikkei closed 0.85% lower, while Hong Kong's Hang Seng erased 1.15% to close at 19,912.45. 

Bucking the negative trend, China's mainland CSI 300 added 0.65% to 3,109.55.