European stocks slump, as techs follow U.S. lead lower

Tuesday, 3 April 2018 23:46 WIB

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European stocks were losing ground Tuesday, beginning the second quarter of 2018 dogged by the same technology-sector and trade-war worries that hurt equity markets during the first quarter.

The moves were tracking a selloff in U.S. stocks on Monday, when European markets were closed for the Easter break. But Wall Street's major indexes looked poised to steady Tuesday after the rough start to the month's trading.

Equity markets restarted trading after closures for the Good Friday and Easter Monday holidays.

The Stoxx Europe 600 index fell Tuesday by 0.9% to 367.69, led by losses for the tech and industrial sectors. The oil and gas sector clung to a small gain. On Thursday, the index rose 0.4%, but finished first-quarter trade down by 4.7%. That was worst such performance since the first quarter of 2016, according to FactSet data.

Germany's DAX 30 lost 1.4% to 11,930.45, set to wipe out Thursday’s jump of 1.3%, which was driven in part by gains for auto makers. France's CAC 40 index dropped 0.8% to 5,128.36.

Spain’s IBEX 35 slumped 0.7% to 9,529.00, and the U.K.'s FTSE 100 index gave up 0.8% to 7,002.53.

The euro traded at $1.2326, up from $1.2303 late Monday in New York.

Source : Marketwatch


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