Europe and Asia Lower

European and Asian stock markets were lower on higher oil prices and a falling U.S. dollar

European stock markets were lower on Tuesday. In London, the Financial Times Stock Exchange 100 lost 27.90 points, or 0.55%, to close at 5032.90. The FTSE ended lower with very mixed performances. Wall Street was trading lower, although IT stocks were higher on market talk of a possible good guidance from National Semiconductor. Locally, raw materials were in play, with Corus plunging 3.8% on news Japan's Nippon Steel is to pay more for raw materials. This, however, saved the day for BHP-Billiton and Rio Tinto. Soaring oil prices helped BP, but Shell ended lower after a disappointing report from Spain's Repsol. British Airways lost altitute as jet fuel skyrockets. In M&A news, Philip Green said he wishes to make clear that he is not considering a possible offer for Marks & Spencer. Among broker changes, Citigroup downgraded Hilton.

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