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Shares fall on commodity sell-off Shares fall on commodity sell-off
(40 minutes later)
Europe and Asian stock markets fell as investors cashed in profits from record high commodity prices and mining and oil shares tumbled.Europe and Asian stock markets fell as investors cashed in profits from record high commodity prices and mining and oil shares tumbled.
Oil prices dropped below $100 for the first time in two weeks, gold sank to a one-month low and copper fell too.Oil prices dropped below $100 for the first time in two weeks, gold sank to a one-month low and copper fell too.
Traders fears that a US slowdown will lead to a fall in demand for raw materials.Traders fears that a US slowdown will lead to a fall in demand for raw materials.
In Europe, the UK's FTSE 100 fell 0.5%, while in Asia there were stronger falls, with Hong Kong down 3.5%. In Europe, the UK's FTSE 100 fell 0.5%, while in Asia there were stronger falls, with Hong Kong ending down 3.5%.
The price of gold fell 3% to $912.85 an ounce and in London, a barrel of Brent crude fell $1.82 to $98.90.The price of gold fell 3% to $912.85 an ounce and in London, a barrel of Brent crude fell $1.82 to $98.90.
"The US is still the biggest contributor to global growth, so any slowdown will have implications for commodity prices," Jason Teh at Investors Mutual in Sydney said."The US is still the biggest contributor to global growth, so any slowdown will have implications for commodity prices," Jason Teh at Investors Mutual in Sydney said.
Shares in mining companies were down sharply. In London, Anglo American fell 4.7 percent, BHP Billiton was down 2.9 percent and Rio Tinto was 3.3 percent lower.Shares in mining companies were down sharply. In London, Anglo American fell 4.7 percent, BHP Billiton was down 2.9 percent and Rio Tinto was 3.3 percent lower.
On Wall Street, the Dow Jones ended 2.3% lower on Wednesday.On Wall Street, the Dow Jones ended 2.3% lower on Wednesday.