Europe: Stocks sink at open

EUROPEAN stocks sank in opening deals on Monday (Oct 3), taking their cue from pre-weekend losses on Wall Street.

London’s benchmark FTSE 100 index shed 0.6 per cent to 6,855.67 points, as investors also digested news that the UK government has scrapped a proposed tax cut for the wealthiest earners in a major U-turn following an uproar.

In the eurozone, Frankfurt’s DAX index lost 1.0 per cent to 11,992.26 points and the Paris CAC 40 dropped 0.9 per cent to 5,708.59 compared with Friday’s closing levels. AFP