Europe: Stocks slump at open

EUROPEAN stock markets retreated sharply at the open on Wednesday (Jun 22), as oil prices tumbled by more than 5 per cent on rising recession fears.

London's benchmark FTSE 100 index shed 1.3 per cent to 7,057.87 points, with official data showing UK inflation had reached a fresh 40-year high.

In the eurozone, Frankfurt's DAX index tumbled 1.8 per cent to 13,049.77 points and the Paris CAC 40 slumped 1.8 per cent to 5,856.17. AFP