European Stock Markets Fell in Reaction to Global Growth Worries
European stock markets closed on negative note on Wednesday as the several disappointing economic indicators escalated uncertainty among investors. Investors were also shaken over the disappointing German bond auction and weak manufacturing report from China.
German 10-year bond auction saw a very sluggish response from the market and hardly the touched the planned figure of 6 billion euro equivalent to $8 billion. Yield on German 10-year bonds also increased rapidly in reaction. Chief economist, Steen Jakobsen from Saxo Bank commented, “The bund auction is really a major blow, and shows how the crisis is now fully into the core of Europe.â€
Moreover, China’s manufacturing survey by HSBC for the month of November fell to its record low in last 32 months.
Europe’s Stoxx 600 index declined 0.4 percent to 222.28 after as volatile session. The respective index fell 0.7 percent in its prior session on Tuesday. The Germany’s DAX 30 index remained unchanged at 5,528.76. Commerzbank AG however, gained 5 percent in the trading session. Among other stocks at German stock exchange, Volkswagen fell 2.3 percent while Daimler AG declined 0.8 percent. Burberry PLC plunged 2.1 percent while LVMH Moet Hennessy Louis Vuitton SA slipped 2 percent.
London’s FTSE 100 index plummeted 0.7 percent to 5,169.60 on Wednesday. Mining stock contributed the most in fall of the FTSE index, Rio Tinto PLC fell 1.6 percent while energy sector’s BP PLC was down by 1.7 percent.
France’s CAC 40 index declined 0.6 percent to 2,854.92 today.
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