LONDON, March 24 — Stock markets slid across the globe today following fresh weakness in the oil price, analysts said.

After recovering yesterday as airline and travel stocks rebounded from falls caused by the Brussels attacks, European markets headed south once more ahead of the Easter break, with miners taking a hit also, on falling metals prices.

Earlier, Asian stocks were hit by the stronger dollar, which piled pressure on the outlook for commodity sales, with Chinese equities also hurt by weak earnings.

Wall Street opened its Thursday session lower, with dealers citing weak oil, a strong dollar and the latest US durable goods orders figures as factors for the downturn.

By mid-afternoon, London’s benchmark FTSE 100 and Frankfurt’s DAX 30 had both lost more than 1.5 per cent, while the Paris CAC 40 dropped more than 2 per cent.

News that consumer confidence in Germany is beginning to feel the heat from global economic risks and a poorer retail picture in Britain added to the downbeat sentiment, traders said.

In foreign exchange, the euro dropped against the dollar.

“The dollar continues to strengthen and this remains one of the key reasons that commodities are under pressure,” said Brenda Kelly, analyst at traders London Capital Group.

In London, the share prices of mining group Anglo American and Rio Tinto fell sharply, and oil majors also fell.

“Commodities denominated in the greenback are falling, taking oil and basic resource sectors of the stock market down with them,” said CMC Markets analyst Jasper Lawler.

The picture had been the same in Asia after crude prices tumbled on news that US commercial stockpiles surged by 9.36 million barrels last week, more than three times the amount forecast by analysts.

Hints the US could raise interest rates next month meanwhile drove the dollar higher, piling further pressure on commodities and sending Sydney’s resources-rich benchmark stocks index sliding 1.1 per cent.

A stronger greenback makes it more expensive for investors using other currencies to buy dollar-priced commodities, and raw materials from iron ore to gold took a hit.

Elsewhere across Asia, Shanghai’s main stocks index slumped 1.6 per cent, Hong Kong lost 1.3 per cent and Tokyo fell 0.6 per cent.

Back in Europe, market research company GfK said that optimism among German consumers faded this month.

“It is unlikely that weak demand for German goods in a number of key countries will not have any effect on German economic growth,” it added in a statement.

In Britain, fashion retailer Next warned that 2016 was set to be its toughest year since the global financial crisis, sending its share price slumping 11.5 per cent nearing midday.

Official data meanwhile showed that British retail sales fell by a better-than-expected 0.4 per cent last month compared with January.

Key figures at 1350 GMT

New York - Dow: Down 0.5 per cent at 17,418.28

New York - S&P 500: Down 0.7 per cent at 2,022.91

New York - Nasdaq: Down 0.6 per cent at 4,741.30

London - FTSE 100: Down 1.8 per cent at 6,090.35

Frankfurt - DAX 30: Down 1.6 per cent at 9,861.67

Paris - CAC 40: Down 2.3 per cent at 4,323.77

EURO STOXX 50: Down 1.9 per cent at 2,985.79

Tokyo - Nikkei 225: Down 0.64 per cent at 16,892.33 (close)

Shanghai - Composite: Down 1.63 per cent at 2,960.97 (close)

Hong Kong - Hang Seng: Down 1.31 per cent at 20,345.61 (close)

Euro/dollar: Down at $1.1160 from $1.1183 yesterday

Dollar/yen: Up at 112.57 yen from 112.43 yen — AFP