European Stocks Slump at Open
Europe's leading stock markets dropped sharply at the start of trading on Monday on growing concerns for the world economy illustrated by the Eurozone debt crisis, poor U.S. data and a slowdown in China.
With London closed for the jubilee bank holiday, the German blue-chip DAX stock index fell below the key psychological level of 6,000 points for the first time since January at the start of trade on Monday.
The DAX opened at 5,976.46 points, down 73.83 points or 1.2 percent from the close on Friday.
"Surprisingly weak economic data from U.S., China and Europe are fuelling fears of a global economic downturn. The bearish sentiment looks set to continue in Europe for the time being," brokers at LBBW said in a note to investors.
In Paris, The CAC 40 index fell by 0.59 percent to 2,933.18 points after having lost more than two percent on Friday to reach a six-month low point.
The Spanish leading stock index fell by more than one percent at the start of trading on Monday to 5,990.7 points, the first time it dropped below 6,000 points since 2003.
The Ibex-35 index lost 1.23 percent, with all Spanish stocks in the red, including Santander, the biggest Eurozone bank by market value, which was off by 1.13 percent at 4.271 euros.
Source: Agence France Presse
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