Europe: Stocks retreat at open

EUROPEAN stocks fell at the open on Friday, the end of another volatile week for markets as traders weighed recession risks and political unrest.

London’s benchmark FTSE 100 index shed 0.3 per cent to 7,166.30 points, a day after Prime Minister Boris Johnson said he was stepping down later this year following a string of scandals.

In the eurozone, Frankfurt’s DAX index lost 0.3 per cent to 12,805.98 points and the Paris CAC 40 retreated 0.1 per cent to 6,002.10, with investors recoiling at the prospect of a deep downturn for the eurozone.

Stock markets had risen strongly in the middle of the week on hopes that the US Federal Reserve and other major central banks can get a grip on decades-high inflation. REUTERS