Europe: Stocks struggle at open

EUROPEAN stock markets struggled in opening deals on Wednesday (Nov 16) after Asian losses, with investors spooked over a deadly missile strike in Poland near the border with Ukraine.

London’s benchmark FTSE 100 index advanced just 0.1 per cent to 7,378.54 points, also weighed down as data showed UK inflation spiked to a 41-year peak in October.

In the eurozone, the Paris CAC 40 index flatlined at 6,641.45 points and Frankfurt’s DAX dropped 0.2 per cent to 14,349.49.

“Fears that the conflict in Ukraine could escalate after a Russian missile appeared to hit a village in Poland, a Nato member country, have held back gains on global markets,” said Hargreaves Lansdown analyst Susannah Streeter.

Meanwhile, official data showed that UK inflation galloped to 11.1 per cent in October, reaching the highest level since 1981 on soaring energy and food bills in a worsening cost-of-living crisis.

“The UK is reeling from yet another super-hot inflation reading as soaring food and energy prices take their toll on household budgets,” added Streeter. AFP