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UKX FTSE 100 Index

7,952.62
20.64 (0.26%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
FTSE 100 Index FTSE:UKX FTSE Indices Index
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  20.64 0.26% 7,952.62 7,975.38 7,931.36 7,931.98 0 16:35:30

EUROPE MARKETS: European Stocks Knocked To Lowest Since 2013 As Fear Selling Returns

11/02/2016 9:53am

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By Sara Sjolin, MarketWatch

Banks bear the brunt of the selloff again

European stocks were sold off sharply on Thursday, tracking a wider stock-market exodus, as investors once again fretted over global economic growth and the rout in oil prices.

The Stoxx Europe 600 index slumped 4% to 302.68, setting it on track for its lowest close since Oct. 2013. A 4% drop would also mark the worst trading day since August last year, when the pan-European benchmark slid 5.3% on jitters over China.

"Nervous investors are once again heading for less riskier assets as concerns over the strength of the global recovery resurface and continued weakness in the price of oil," said Andy McLevey, head of dealing at stockbroker Interactive Investor, in a note.

Crude oil prices slid below $27 a barrel, down 3.1%.

"With no immediate end in sight, the volatility of late is set to continue, which may provide opportunity for brave investors, however, many may choose to sit on the sidelines until a little calm is restored," McLevey added.

Thursday's slide came after a late-session selloff in the U.S (http://www.marketwatch.com/story/dow-futures-up-100-points-as-markets-wait-for-yellen-to-speak-2016-02-10). on Wednesday and after stocks in Hong Kong plunged on the return (http://www.marketwatch.com/story/hong-kong-stocks-sputter-and-fizzle-as-market-reopens-2016-02-10) of trading after the Lunar New Year break.

Banks led the European selloff again, with the Stoxx Europe 600 Banks Index down 6%, extending its year-to-date loss to 28%.

Italian banks were among worst hit: Shares of Unione di Banche Italiane SpA (UBI.MI) sagged 17%, Mediobanca SpA (MB.MI) tumbled 9.6% and UniCredit SpA (UCG.MI) lost 7.9%. The sharp losses pulled the FTSE MIB index down 4.9% to 15,886.44, putting it on track for its lowest close since July 2013.

In France, Société Générale SA (GLE.FR) sank 12% after the lender's earnings report missed forecasts (http://www.marketwatch.com/story/societe-generale-profit-rises-20-on-sale-of-amundi-stake-2016-02-11). The bank also raised its total provisions for litigation by 400 million euros to EUR1.7 billion.

France's CAC 40 index slumped 4.1% to 3,897.47, set for its lowest close since July 2013.

In Germany, the DAX 30 index dropped 3.3% to 8,716.70, while the U.K.'s FTSE 100 index fell 2.9% to 5,508.38 (http://www.marketwatch.com/story/ftse-100-dragged-down-by-miners-after-rio-tinto-swings-to-loss-2016-02-11).

You're invited to Investing Insights: A global markets survival guide

If you'll be in London on Tuesday, Feb. 23, you're invited to join us for an evening of cocktails and conversation on the topics of shifting monetary policy, growth, currencies, and the outlook for investing opportunities and risks in European and global markets.

Our panelists for the evening will include MarketWatch Personal Finance and Investing Columnist Robert Powell; and Mark Hulbert, Editor of the Hulbert Financial Digest.

The event is free and open to the public, but reservations are required. For more information or to RSVP for the event, please email (MarketWatchevent@wsj.com).

 

(END) Dow Jones Newswires

February 11, 2016 04:38 ET (09:38 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.

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