EUROPE MARKETS: European Stocks Facing Weakest Close Since 2016 As Global Malaise Spreads
November 20 2018 - 10:37AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch , Emily Horton
ASML, Wirecard suffer big losses
European stocks were facing their worst finish since late 2016
on Tuesday, as a global equity rout spread around the globe, with
tech stocks particularly hard hit.
How are the markets performing?
The Stoxx Europe 600 fell 1% to 351.41, after closing at a
three-week low on Monday. If shares continue at the current pace,
it could mark the worst close for the index since Dec. 6, 2016,
according to FactSet.
The FTSE 100 ell 0.7% to 6,946.42, while the German DAX 30 index
dropped 1.5% to 11,067.63, the French CAC 40 index lost 1.3% to
4,921.32.
The British pound bought $1.2842, compared with $1.2851 late
Monday. The euro dropped slipped to $1.1401 on Tuesday, versus
$1.1455 late Monday.
What drove stocks?
A global selloff literally left no stock market untouched, as
another fierce day of selling was under way in the U.S., where 2018
gains were wiped out for the major indexes
(http://www.marketwatch.com/story/dow-tumbles-400-points-and-all-main-stock-market-gauges-wipe-out-2018-gains-as-tech-shares-get-rocked-2018-11-20)
as big tech names tumbled, fueling losses for similar stocks in
Europe.
There were also renewed concerns over U.S./China trade sparring
drove stock changes with Chinese regulators claiming to have found
"massive evidence" of anticompetitive behavior among Samsung
Electronics Co. Ltd. (005930.SE), SK Hynix Inc.(000660.SE) and
U.S.-based Micron Technology Inc. (MU), the FT reported Tuesday.
(http://www.marketwatch.com/story/chinese-officials-find-evidence-of-anti-competitive-behavior-by-micron-samsung-sk-hynix-2018-11-20)
What stocks were active?
Banks such as HSBC Holdings PLC (HSBA.LN) (HSBA.LN) were under
pressure, with that U.K. and Stoxx Europe 600 heavyweight down
1.6%. Spain's Banco Santander SA (SAN) (SAN.MC) dropping 1.9%.
Among the tech names, Wirecard AG (WDI.XE) slid 6% and ASML
Holding NV (ASML.AE) fell 3%.
(END) Dow Jones Newswires
November 20, 2018 10:22 ET (15:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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