Europe: Equities slip on hurricane fears

[LONDON] Europe's major stock markets dipped in early deals on Thursday as investors tracked Hurricane Laura, which has now made landfall in Louisiana, stoking concerns over the US economic outlook.

Dealers were also awaiting a key speech by Federal Reserve chief Jerome Powell for any lead it may give on the future direction of US monetary policy.

London's benchmark FTSE 100 index of major blue-chip companies declined 0.3 per cent to 6,025.71 points in early morning deals.

In the eurozone, Frankfurt's DAX 30 index was 0.2 per cent lower at 13,165.95 points and the Paris CAC 40 lost 0.4 per cent at 5,029.31.

"Investors are concerned about the economic damage that Hurricane Laura is going to cause," noted Avatrade analyst Naeem Aslam.

"Hurricane Laura has hit land in Louisiana as a category four hurricane. So far, the economic damage is estimated to be several billion (dollars), and the sad fact is that Americans are facing another natural tragedy when the first one is not over." "All of this is likely to have an adverse influence on consumer confidence and consumer spending. The country's economic health is already weak, and this is just another blow at the wrong time."

AFP