At attempted rebound in European stocks quickly fizzles after markets around the world and oil prices slump to multi-year lows amid persistent worries over global growth. Laura Frykberg reports.
The global glut in oil goes on. Brent Crude has dropped below $28 a barrell - its lowest in 13 years, partly fuelled by the return of oil-rich Iran to an already over-supplied market. U.S. crude also dipped to 12-year lows. Great news for consumers but not for those supplying it. CCLA, Chief Investment Officer, James Bevan. (SOUNDBITE) (English) CCLA, CHIEF INVESTMENT OFFICER, JAMES BEVAN SAYING: "It would be nice to see some overall plan by the producers to rein back production to stabilise prices. if we were to see that the oil price could quite quickly regain to ground to about 45 dollars a barrel.' Many world stock markets also slumped again. In Asia, shares slid to their lowest levels in five years. Japan's Nikkei tumbled 3 percent to a one year low. In Europe an early rebound soon fizzled out - although some German firms gain on the prospect of a sanction-free Iran. Baader Bank's Robert Halver. (SOUNDBITE) (German) HEAD OF CAPITAL MARKET ANALYSIS AT BAADER BANK, ROBERT HALVER, SAYING: "Iran is back. For German industry that's a lottery prize. Shares of mechanical engineering firm and the chemical industry are almost going through the roof, because there is finally potential again." The only problem with that is oil - further price falls could reduce the spending power of the big producers, like Iran. But there's opportunity there too. Dubai's stock market rebounded moderately in early trade after plunged to multi-year lows on Sunday.