22 Sep 2015
Euro Stoxx tracks metal prices, drops almost 2%
FXStreet (Mumbai) - The European stocks fell sharply on Tuesday as investors tracked metal prices, which traded weak, ignoring the bounce in the US and Chinese stock markets.
The pan-European Euro Stoxx 600 index currently trades 1.85% lower around 351.20 levels. London's FTSE 100 index was 1.8% lower, the German DAX fell over 1.5% and the French CAC was off by 2.1%.
Shares in Volkswagen extended the Monday’s decline by almost 6% on the continuing controversy over its emission tests. London-listed Antofagasta saw shares down 6.5% after a price cut from Credit Suisse. Anglo American shares declined after Swiss bank downgraded its outlook from "outperform" to "neutral". Shares in BHP Billition also weakened 4.7% lower.
Wall Street witnessed a moderate bounce back on Monday, however, commodity prices were unimpressed with the bounce in the US and China. Moreover, the sentiment could have taken a hit after the Asian Development Bank (ADB) revised its China and India growth forecasts lower.
The pan-European Euro Stoxx 600 index currently trades 1.85% lower around 351.20 levels. London's FTSE 100 index was 1.8% lower, the German DAX fell over 1.5% and the French CAC was off by 2.1%.
Shares in Volkswagen extended the Monday’s decline by almost 6% on the continuing controversy over its emission tests. London-listed Antofagasta saw shares down 6.5% after a price cut from Credit Suisse. Anglo American shares declined after Swiss bank downgraded its outlook from "outperform" to "neutral". Shares in BHP Billition also weakened 4.7% lower.
Wall Street witnessed a moderate bounce back on Monday, however, commodity prices were unimpressed with the bounce in the US and China. Moreover, the sentiment could have taken a hit after the Asian Development Bank (ADB) revised its China and India growth forecasts lower.