- Stock markets are down across Europe after sell-off in the US overnight.
- The slump is driven by reignited trade war fears and the fallout from Facebook’s data scandal.
- The Stoxx Europe 600 Technology index is down 2.5%.
LONDON — Global stock market’s wild week continued on Wednesday as European markets followed counterparts in Asia in the US on a downward slump.
Here’s the scoreboard of the key moves at 9.30 a.m. GMT (4.30 a.m. ET):
- London’s FTSE 100 down 0.76%
- German DAX down 1.03%
- France’s CAC 40 down 1.09%
- Euro Stoxx 50 down 1.28%
The collapse comes after fears of a global trade war were reignited. US President Donald Trump is reportedly planning on slapping limits on Chinese investment into US companies. That sent the US stock markets nosediving and Asian markets followed suit overnight.
Micheal Hewson, the chief market commentator at CMC Markets, points out that sentiment is being dented by ongoing concerns over regulation of tech giants in light of Facebook’s data sharing scandal.
“The so-called “FANG” stocks of Facebook, Amazon, Netflix and Google (Alphabet) saw some of their biggest falls in years as concern about a crackdown on how these companies use personal data prompted a re-examination of how these companies are valued,” Hewson said in a morning email.
The Stoxx Europe 600 Technology index, which tracks large listed European tech companies, is down 2.49% on Wednesday morning. The worst performer, Dialog Semiconductor, is down over 11% on the Frankfurt stock market.
The global stock slump is the latest big move in a volatile week for shares. The Dow jumped more than 400 points on Monday, leading to a rally in Europe on Tuesday as trade war fears subsided briefly.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
