Europe: Stocks slump at open on rate hike concerns
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EUROPEAN stocks slumped at the open on Thursday (Sep 22) following sharp losses in Asia and on Wall Street after the Federal Reserve signalled more hefty US interest rate hikes.
London’s benchmark FTSE 100 index shed 1.0 per cent to 7,166.81 points following the Fed outlook that came after the US central bank Wednesday unveiled a third-straight jumbo rate increase to tackle sky-high inflation.
The Bank of England was Thursday set to announce its own second bumper rate rise in a row.
In the eurozone, Frankfurt’s DAX index tumbled 1.9 per cent to 12,528.37 points at the start of trading and the Paris CAC 40 slid 1.7 per cent to 5,930.97. AFP
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