Europe ends sharply lower as oil tumbles; Hugo Boss tanks 19.8% – CNBC

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Stocks in Germany were hit by the latest business climate survey from the Ifo Institute which showed that morale fell in February. Utilities E.ON and RWE sat at the bottom of the benchmark, both ending sharply lower, down more than 4 and 5 percent respectively.

In business news, BHP slashed its dividend by 75 percent as the global miner posted its first loss in more than 16 years on Tuesday, reporting a net loss of $5.67 billion for the first half of the 2016 financial year.

Shares of BHP Billiton were among the worst performers on the Stoxx 600 index, closing 6 percent lower. BHP’s news on top of a sharp slip in metal prices caused other mining stocks to fall, including Antofagasta and ArcelorMittal, both off more than 4 percent. Anglo American slipped 6.3 percent, while the sector was the worst performer, closing over 3 percent down.

Europe ends sharply lower as oil tumbles; Hugo Boss tanks 19.8% – CNBC