Europe: Markets dip at open

EUROPE’S main stock markets slid in opening deals on Wednesday (Aug 24) as investors awaited fresh clues on the US Federal Reserve’s plans to further ramp up interest rates.

In initial trade, London’s benchmark FTSE 100 index of major blue-chip companies lost 0.4 per cent to 7,458.65 points.

In the eurozone, Frankfurt’s DAX index shed 0.2 per cent to 13,162.81 points and the Paris CAC 40 also fell 0.2 per cent to 6,346.16 compared with Tuesday’s closing level.

Investors are awaiting a key speech this Friday by Fed chief Jerome Powell, as markets speculate that the central bank will continue to tighten monetary policy to counter soaring inflation.

“With investors for the most part sitting on their hands ahead of the imminent Jackson Hole symposium, markets failed to make much progress,” said Richard Hunter, head of markets at Interactive Investor. AFP