Global Oil Market Slump Prompts Investor Pullback

Global Oil Market Slump Prompts Investor Pullback
Author:
Publish date:

Here is your round-up of the financial news from around the world:

1. European stocks open lower Wednesday as investors re-price financial assets around the world amid a bear market in crude oil and questions over the pace of growth in the world's biggest economy.

2. Oil prices have struggled to escape from 8-month lows over the past few sessions, even with data from the American Petroleum Institute showing a bigger-than-expected decline in U.S. crude stocks for the week ending June 16.

3. Toshiba Corp. (TOSYY)  shares fell in Tokyo Wednesday as investors questioned whether its choice of a Bain Capital-led consortium will ultimately lead to a quick sale of the troubled group's flash memory unit.

4. Uber Technologies Inc. founder and CEO Travis Kalanick has resigned from the ride-sharing company just days after he was asked to take a leave of absence in the wake of a report into allegations of discrimination and bullying at the world's startup.

5. The pound, however, failed to take advantage of the dollar's pullback and is trading at an April low of 1.2631 ahead of the Queen's Speech in Parliament today that will set out the government's agenda for the next two years - despite Prime Minister Theresa May having failed to reach an agreement with lawmakers in Northern Ireland to form a coalition and many analysts are forecasting a second general election sometime in the autumn.

This article was written by a staff member of TheStreet.