Europe: Stocks steadier at open after rout

EUROPEAN stock markets opened steadier on Monday (Sep 26) after last week’s rout triggered by growing prospects of a global recession that has sent the pound plunging.

London’s benchmark FTSE 100 index grew 0.4 per cent to 7,044.18 points after sterling hit a record-low against the US dollar overnight.

In the eurozone, Frankfurt’s DAX index dropped 0.3 per cent to 12,245.22 points and the Paris CAC 40 dipped 0.1 per cent to 5,776.18.

Milan’s FTSE MIB rose 0.2 per cent to 21,113.66 points as markets assessed Italy’s future political landscape after eurosceptic populists swept to victory in the eurozone member’s general election.

According to projections, around 1 in 4 voters in Sunday’s vote backed the Brothers of Italy party, whose far-right leader Giorgia Meloni said she was ready to govern for “all Italians”. AFP