Europe: Stocks sink at open
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EUROPEAN stock markets tumbled at the open on Thursday (Jun 30) on resurgent fears that hefty interest rate hikes to rein in soaring inflation will spark a global recession.
London’s benchmark FTSE 100 index lost 1.6 per cent to 7,194.36 points compared with the closing level on Wednesday.
In the eurozone, Frankfurt’s DAX index dived 2.1 per cent to 12,732.02 points and the Paris CAC 40 also slumped 2.1 per cent to 5,903.89.
The surge in inflation to multi-decade highs has forced central banks to swiftly tighten pandemic-era monetary policies.
That has dealt a massive blow to equities, threatening economic recovery from the Covid pandemic. AFP
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