Cairn shares slump on oil setback
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Shares in UK oil company Cairn drop more than 20% after a disappointing drilling update and worries over possible tax demands.
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Stocks were trading lower on Wednesday, nudged downward by heavily-weighted energy shares which fell in-line with crude oil futures.
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Â· Northern Rock shares drop 30% after rescueÂ· Bank websites down as customers panic
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Asian stocks slid on Monday on gloomy U.S. jobs data, bleak earnings prospects at tech firms and high oil prices, while the Australian dollar hit a six-month peak after the coalition government was swept back to power.
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European shares retreated on Wednesday as AstraZeneca's business update disappointed investors and on nagging concerns that soaring oil prices will hurt the quality of future earnings.
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London equity markets fell on Tuesday as mining and oil groups retreated.
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Investors saw a major surge in oil prices and disappointing earnings from Morgan Stanley as a chance to collect profits Wednesday, sending stocks substantially lower.
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U.S. blue chips slid back into the red  on Wednesday as oil company shares fell on a report showing an  unexpected rise in U.S. oil inventories last week, which drove  oil prices lower.
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Business & money: Company behind Magners and Bulmers sees its shares slump more than 12%.
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U.S. stocks slumped on Wednesday, as a drop in oil prices dragged down energy shares, and a possible collapse of two big hedge funds hit investment banks, overshadowing Morgan Stanley's  strong profit.
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Oil prices have fallen as much as $16   from their peaks, their steepest reversal in 16 years, in a   correction that traders say may be harder to shake off than   past setbacks in the market's four-year rally.
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Oil dropped more than two dollars on Friday, weakened by selling in equity markets that raised doubts over energy demand and after a storm that halted exports from Oman lost power.
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Oil explorer Cairn Energy has said that it had again delayed the expected date for starting production at its largest Indian oil field to 2009.
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NEW YORK - Disappointing earnings from Morgan Stanley and oil prices topping $48 per barrel sent stocks sharply lower Wednesday as investors moved to protect their recent gains. The Dow Jones Industrial average dropped 115 points...
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NEW YORK - Stocks tumbled Wednesday as investors saw a surge in oil prices and disappointing earnings from Morgan Stanley as a reason to collect profits from gains of the last month. The Dow Jones industrial average dropped 135 points, and all three major indexes saw their biggest losses since early August...
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Stocks fell on Tuesday as shares of  major oil companies tumbled after the price of crude fell more  than a $1 a barrel to a 3-month low.
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Asian stocks slid on Monday on gloomy  U.S. jobs data, bleak earnings prospects at tech firms and high  oil prices, while the Australian dollar hit a six-month peak  after the coalition government was swept back to power.