EUROPE MARKETS: European Stocks Facing Weakest Close Since 2016 As Global Malaise Spreads

By Barbara Kollmeyer, MarketWatch , Emily Horton

ASML, Wirecard suffer big losses

European stocks were facing their worst finish since late 2016 on Tuesday, as a global equity rout spread around the globe, with tech stocks particularly hard hit.

How are the markets performing?

The Stoxx Europe 600 fell 1% to 351.41, after closing at a three-week low on Monday. If shares continue at the current pace, it could mark the worst close for the index since Dec. 6, 2016, according to FactSet.

The FTSE 100 ell 0.7% to 6,946.42, while the German DAX 30 index dropped 1.5% to 11,067.63, the French CAC 40 index lost 1.3% to 4,921.32.

The British pound bought $1.2842, compared with $1.2851 late Monday. The euro dropped slipped to $1.1401 on Tuesday, versus $1.1455 late Monday.

What drove stocks?

A global selloff literally left no stock market untouched, as another fierce day of selling was under way in the U.S., where 2018 gains were wiped out for the major indexes (http://www.marketwatch.com/story/dow-tumbles-400-points-and-all-main-stock-market-gauges-wipe-out-2018-gains-as-tech-shares-get-rocked-2018-11-20) as big tech names tumbled, fueling losses for similar stocks in Europe.

There were also renewed concerns over U.S./China trade sparring drove stock changes with Chinese regulators claiming to have found "massive evidence" of anticompetitive behavior among Samsung Electronics Co. Ltd. (005930.SE), SK Hynix Inc.(000660.SE) and U.S.-based Micron Technology Inc. (MU), the FT reported Tuesday. (http://www.marketwatch.com/story/chinese-officials-find-evidence-of-anti-competitive-behavior-by-micron-samsung-sk-hynix-2018-11-20)

What stocks were active?

Banks such as HSBC Holdings PLC (HSBA.LN) (HSBA.LN) were under pressure, with that U.K. and Stoxx Europe 600 heavyweight down 1.6%. Spain's Banco Santander SA (SAN) (SAN.MC) dropping 1.9%.

Among the tech names, Wirecard AG (WDI.XE) slid 6% and ASML Holding NV (ASML.AE) fell 3%.

(END) Dow Jones Newswires

November 20, 2018 10:22 ET (15:22 GMT)

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