24 Aug 2015
European indices slump, exports’ stocks badly hit on China rout
FXStreet (Mumbai) - European markets nose-dived on the first trading day of the week driven by risk-off moods as worries over China's slowing economy persist, dragging China's stocks to multi-year lows.
Stocks across the European bourses sank tracking negative performance on the Asian markets, mainly led by Chinese equities collapse by nearly 9%, with deepening worries over China's economic health being the major downside risk.
As a result, all the sectors in Germany and France were traded in the red zone; with shares of exporters hit the most as China is a key trading partner for European companies.
Germany's DAX 30 index drops 2.50% at 9872 while the UK benchmark FTSE 100 sinks 2.75% to trade at 6,017. Among the other indices, the French CAC 40 index loses 2.45% and trades at 4517, and the pan-European Euro Stoxx 50 is down 2.50% at 3,166.
Steel maker ArcelorMittal slumped 5.66%, while carmakers Peugeot, Daimler and BMW showed losses of about 3-5%.
Stocks across the European bourses sank tracking negative performance on the Asian markets, mainly led by Chinese equities collapse by nearly 9%, with deepening worries over China's economic health being the major downside risk.
As a result, all the sectors in Germany and France were traded in the red zone; with shares of exporters hit the most as China is a key trading partner for European companies.
Germany's DAX 30 index drops 2.50% at 9872 while the UK benchmark FTSE 100 sinks 2.75% to trade at 6,017. Among the other indices, the French CAC 40 index loses 2.45% and trades at 4517, and the pan-European Euro Stoxx 50 is down 2.50% at 3,166.
Steel maker ArcelorMittal slumped 5.66%, while carmakers Peugeot, Daimler and BMW showed losses of about 3-5%.