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  HOME | Business & Economy (Click here for more)

European Markets Tentatively Climb Back after Wall Street Slump Scare

PARIS – European markets have moderately pared the substantial losses registered in early trading on Tuesday following a knock-on effect of a historic 1,175 point slump in Wall Street overnight, market data showed.

Amid a mass sell-off in the United States fueled by rumors of an imminent hike in interest rates in a bid to slow inflation, the Dow Jones industrial average shed 4.6 percent overnight.

This sent shockwaves among investors in Asian and later European markets, with London, Paris, Frankfurt and Milan all opening close to 3 percent down.

By mid-morning, however, European stocks showed signs of a modest bounce-back: the FTSE 100 in London climbed to -1.67 percent, the CAC-40 in Paris to -1.57, DAX in Frankfurt to -1.69, FTSE MIB in Milan to -1.37 and the IBEX 35 in Madrid to -1.55.

The Benchmark Stoxx Europe 600, which comprises 600 companies across 17 European nations, was situated at 375.99 points, representing a 1.57 percent drop, while Japan’s Nikkei index fell 4.7 percent.

According to a Dow Jones report accessed by EFE, US Stock Futures were predicted to open higher, although trading would continue to be “extremely volatile.”

 

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