So much for the start of a recovery.
European markets dived into the red at the open on Tuesday morning, after another massive sell off in Asian markets
All major stock indexes on the continent had opened substantially lower, with all but a handful down around 1.5%. The FTSE MIB in Italy, and the CAC 40 in France are the biggest losers so far on the day.
15 minutes after the open, Italy’s benchmark index is down by 1.67% to 18,329 points, while the CAC has dropped 1.64%, or 70 points. Here’s how the FTSE MIB looks:
The CAC 40 has also responded pretty poorly to China’s newest struggles. Here’s the French blue-chip index’s day so far:
It’s no better on the other major indexes either. Here’s the league table right now:
- Britain’s FTSE100 — down 1.53%
- Germany’s DAX 30 — down 1.42%
- Spain’s IBEX35 — down 1.57%
- Euro Stoxx 50 — down 1.6%
- The Netherlands’ AEX — down 1.63%
- Russia’s RTSI — down 3.52%
The collapse was down to a cocktail of a market bloodbath in Asia and another day of sliding oil prices. China’s benchmark index, the Shanghai Composite finished down a massive 6.43%, hitting 13-month lows.
The Chinese stock slump pushed markets across Asia downwards, with the Nikkei 225 in Japan a prominent faller, down 2.35%.
Oil also continued the crash which resumed on Monday, with both major benchmarks down substantially. At 8:15 a.m. GMT (3:15 a.m ET), Brent is down 2.21%, hovering just above $30.25 per barrel, while WTI is down nearly 3.2% and is trading at $29.38.
Just when we thought the markets might be calming down a little …