European markets were expected to open lower on Monday, after the price of major commodities fell. The FTSE index was called 25 points lower at 6697, while Germany’s Dax was expected to open 51 points lower at 9929, and France’s Cac was set to open 23 points down at 4367.
This followed hefty falls in Asian stock markets, a 5-year low in the price of oil, and a one percent decline in the gold price, in Monday morning trading. Swiss voters rejected proposals to boost the country’s gold reserves in a referendum Sunday, which sent gold prices tumbling.
The Brent crude oil price continued its five-month losing streak, falling below $70, after OPEC, the group of the world’s biggest oil exporters, announced last week that it would not cut production despite the falling price, in an effort to combat the U.S. shale oil boom.
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