So much for the start of a recovery.
European markets dived into the red at the open on Tuesday morning, after another massive sell off in Asian markets
All major stock indexes on the continent opened substantially lower, with all but a handful down around 1.5%. The FTSE MIB in Italy, and the CAC 40 in France were the biggest losers early in the day.
Fifteen minutes after the open, Italy’s benchmark index was down by 1.67% to 18,329 points, while the CAC dropped 1.64%, or 70 points. Here’s how the FTSE MIB looks:
The CAC 40 also responded pretty poorly to China’s newest struggles. Here’s the French blue-chip index’s day so far:
Investing.comSince the open, European stocks have pared most of their losses, and as of 10:30 a.m. GMT (5:30 a.m. ET) the FTSE MIB is 0.2% in positive territory, while the CAC is down just 0.67%. Other major indexes have also recovered somewhat. Here’s the league table right now:
- Britain’s FTSE100 — down 0.78%
- Germany’s DAX 30 — down 0.58%
- Spain’s IBEX35 — down 0.14%
- Euro Stoxx 50 — down 0.52%
- The Netherlands’ AEX – down 0.90%
- Russia’s RTSI — down 2.02%
The collapse was down to a cocktail of a market bloodbath in Asia and another day of sliding oil prices. China’s benchmark index, the Shanghai Composite finished down a massive 6.43%, hitting 13-month lows.
The Chinese stock slump pushed markets across Asia downwards, with the Nikkei 225 in Japan a prominent faller, down 2.35%.
Oil has also continued its losses, which resumed on Monday, with both major benchmarks down substantially. At 8:15 a.m. GMT (3:15 a.m ET), Brent was down 2.21%, hovering just above $30.25 per barrel, while WTI was down nearly 3.2% and is trading at $29.38. Like equities, oil has recovered and both benchmarks are down around 0.7%.