AKIPRESS.COM - Crude oil resumed its downward march after the two main contracts tumbled yesterday. Precious metals slumped with the yen as the biggest drop by Shire Plc in 12 years dragged Europe’s main stock gauge toward a seventh straight loss.

Brent crude slid 1.4 percent by 8:50 a.m. in London while West Texas Intermediate oil dropped 1.5 percent. Brent tumbled 4.3 percent yesterday, the most in three years. Gold retreated 0.8 percent. The Stoxx Europe 600 Index slid 0.2 percent, with Shire tumbling as much as 28 percent as AbbVie Inc. reconsiders a takeover bid.

The MSCI Asia Pacific Index (MXAP) climbed 0.3 percent as the declining yen boosted Japanese shares. Standard & Poor’s 500 Index futures fluctuated and the Bloomberg Dollar Spot Index climbed 0.1 percent.

Oil is languishing in a bear market, with the International Energy Agency predicting the lowest demand growth since 2009, even as U.S. supplies rise. The dollar index has gained more than 6 percent since the end of June as signs of recovery in the world’s biggest economy contrast with data signaling weakness in China, Japan and the euro zone.

China reported weaker-than-estimated consumer inflation, spurring speculation that the government may undertake further targeted measures to support expansion.

“Europe is weak but that’s not new,” Naoki Fujiwara, Tokyo-based chief fund manager at Shinkin Asset Management Co., which oversees about $6 billion. “The U.S. economy remains on a recovery track. There’s no huge change in the scenario, but investors have been looking for the right timing to come in to the market and are betting on a rebound.”