So ends another awful day for the European markets.
2016’s markets bloodbath continued on Thursday, after China devalued the yuan overnight, sending stocks and commodities tumbling, and triggering of the Chinese market’s “circuit breaker” for the second time in just four days of trading.
Shares tanked as much as 7% in just 15 minutes from the opening. This then sparked a market rout across Asia, sending shares to three-month lows.
All of this combined for a horrible day in Europe.
The UK’s blue-chip FTSE100 index ended the day down by 2.04%, having recovered a little from the market open this morning, when it dropped by almost 3%. The index is still below the magical 6,000 mark however, ending Thursday at 5,949 points. Here’s what that looked like:
Of the biggest fallers on the day, most were mining companies, with Anglo American propping up the index. Shares in the company ended the day down almost 10%, after metal prices slumped across the board. Antofagasta and BHP Billiton also witnessed heavy losses.
Oil also got punished once again, and on Thursday morning both Brent and WTI oil dropped below $33, hitting 14-year lows. Both benchmarks plunged by at least 4%.
Only two of Britain’s top stocks ended the day in the positive — gold miner Randgold which is taking advantage of the market flight to gold, and retailer, Next.
All the major bourses ended the day in the red. Here’s a snapshot of what happened across the rest of Europe on Thursday. Prices are accurate as of 4:30 p.m. GMT (11:30 a.m. ET):
- France’s CAC 40 — down 1.7%
- Italy’s FTSE MIB — down 1.1%
- Spain’s IBEX 35 — down 1.5%
- Euro Stoxx 50 — down 1.6%
Equities across the Atlantic aren’t performing much better either, and all of the USA’s biggest indexes are down by more than 0.9% today.