Europe: Stocks drop at open

EUROPEAN stock markets fell at the open on Tuesday (Jul 19) as a global rally petered out on renewed fears of a recession, traders said.

London's benchmark FTSE 100 index dropped 0.3 per cent to 7,202.58 points.

In the eurozone, Frankfurt's DAX index shed 0.4 per cent to 12,909.78 points and the Paris CAC 40 retreated 0.5 per cent to 6,064.22.

Asian stocks also slipped Tuesday following falls Monday on Wall Street.

"Apple put the cat among the pigeons following a media report that it plans to pull back hiring and growth spending next year in anticipation of the possible economic downturn," noted Richard Hunter, head of markets at Interactive Investor. AFP