European stocks fell to their lowest in almost a month today with mining and oil stocks dragging indexes lower as commodity prices sank and Wall Street stocks looked set to take a fall also.
Telecom stocks were in the spotlight as Telecom Italia's upcoming board meeting to discuss a company restructuring buoyed shares in Pirelli, as well as France Telecom and Deutsche Telekom.
Earlier this morning, the pan-European FTSEurofirst 300 index was down 0.7 per cent at 1,347.4 points, after earlier reaching its lowest level since August 15th at 1,342.8.
Asian markets were weaker overnight with the Nikkei average down 1.8 per cent at 15,794.4 points, its lowest close in two weeks as surprisingly weak machinery orders data spurred selling of machinery shares.
In Ireland, Tullow Oil was down -0.22 at 5.50, and Irish Allied Banks was down -0.33 at 19.67. The Iseq overall index was down -51.34.08 at 7915.24 at 3.45pm.
Mining stocks weighed on the market, with BHP Billiton down 4.3 per cent and Anglo American 3.5 per cent lower, as copper fell alongside gold and oil.
Europe's biggest oil producer BP fell 1 per cent, and Royal Dutch Shell traded 1.9 per cent lower as US crude oil prices slipped below $66 a barrel, adding to last week's decline on an improved US supply picture.
Telecom stocks were in the spotlight ahead of the Telecom Italia board meeting to discuss restructuring Europe's fifth-largest telecoms company in a move that could lead to the sale of mobile unit TIM for €35 billion.
Shares in Pirelli rose 3 per cent. The company owns 70 percent of holding company Olimpia, which in turn controls Telecom Italia with an 18 per cent stake.