Europe: Stock markets retreat at open

[LONDON] European stock markets slid at the start of trading on Tuesday following losses in Tokyo, as traders booked profits after strong gains for global equities the previous session.

London's benchmark FTSE 100 index dropped 0.8 per cent to 6,233.91 points, as investors weighed up second-wave virus fears against a rebounding economy.

In the eurozone, Frankfurt's DAX 30 index lost 0.9 per cent o 12,624.20 points and the Paris CAC 40 shed 0.9 per cent to 5,034.78.

"After an impressive rally in the previous session, which saw the Nasdaq reach a new all-time high, the S&P close higher for a fifth straight session and the FTSE book a two-per cent gain, investors are pausing for breath on Tuesday," noted Fiona Cincotta, analyst at City Index trading group.

"Except in China that is, where the state talking up the importance of fostering a healthy bull run in the markets is ensuring that investors are ploughing in for a sixth straight session, bringing gains in the Shanghai composite this month to 13 per cent."

AFP