Europe: Stocks sink, London hit hardest after BOE move
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EUROPEAN stocks sank at the open on Thursday (Sep 29), with London hit hardest 1 day after the Bank of England (BOE) intervened on bond markets to prevent a risk to UK financial stability.
London’s benchmark FTSE 100 index sank 1.2 per cent to 6,918.36 points compared with Wednesday’s close, also after the pound briefly shed 1 per cent in value.
In the eurozone, Frankfurt’s DAX index slid 0.9 per cent to 12,072.14 points and the Paris CAC 40 shed 1.0 per cent to 5,708.59.
Stocks rallied Wednesday in volatile trade with investors buoyed by the BOE’s surprise purchase of long-dated UK government bonds.
“Yesterday’s tentative optimism has fizzled out rapidly,” IG analyst Chris Beauchamp told AFP. AFP
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