Europe: Stocks sink on global banking sell-off

EUROPE’S main stock markets opened sharply lower on Friday (Mar 10), as a global banking sector accelerated before key US jobs data.

London’s benchmark FTSE 100 index dropped 1.4 per cent to 7,769.49 points compared with Thursday’s closing level, despite news of rebounding UK economic growth in January.

In the eurozone, Frankfurt’s DAX index dived 1.7 per cent to 15,367.70 points and the Paris CAC 40 also lost 1.7 per cent to 7,190.80.

Asian equities tanked again on Friday following a rout on Wall Street as signs of trouble at a regional US lender sparked concerns about the broader sector.

The sell-off comes as traders nervously await the release of US jobs data later in the day, with many fearing a forecast-beating figure could press the Federal Reserve to ramp up interest rates more than previously thought.

Markets remain unnerved after Fed boss Jerome Powell warned this week that a quicker pace of hikes might be required to fight inflation. AFP