European markets are dipping

The FTSE 100 just closed down 0.61% in London, while markets across the rest of Europe are also sliding.

Germany’s DAX is down 0.32%, France’s CAC 40 is down 0.22%, and the Euro Stoxx 50 is down 0.28%.

The FTSE’s performance came despite a rebound for Glencore, whose huge fall on Monday dragged the market down. Glencore closed Tuesday up 16.93% at 80.24p.

London’s stock exchange was hit by a collapse for Wolseley, the plumbing and heating group, after it warned of “challenging” market conditions. Wolseley ended the day down 12.47%.

Wolseley’s warning also hit house builders Taylor Wimpey, down 4.96%, and Persimmon, off 4.98%, as well as building supplies seller Travis Perkins, down 4.22%. If demand for plumbing and heating is down, you’d expect house building to be off too.

Volkswagen shares continued to fall in Frankfurt, down 2.85%.

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