LONDON – After gaining ground Tuesday, Europe’s markets were all down again Wednesday morning.
The FTSE MIB in Milan fell 1.7 percent to 21,286.74, followed by the CAC 40 in Paris and the DAX in Frankfurt, which both lost 1.3 percent to 4,506.58 and 9,995.49 respectively. The FTSE 100 in London was down 1.2 percent to 6,011.43.
Europe’s markets had all closed up Tuesday, after news of China’s decision to cut its benchmark interest rate by 0.25 percent cheered investors. However, after the brief rise, investors are said to still be concerned over slowing growth in China.
The fall in Europe’s markets mirrored losses in Asia, with Shanghai’s Composite Index closing down 1.3 percent to 2,927.29, and Hong Kong’s Hang Seng Index losing 1.5 percent to 21,080.39. The Nikkei 225 in Tokyo was the exception, closing up 3.2 percent to 18,376.83.
Fashion, luxury and retail stocks were largely down, too. The fallers included L’Oréal, 2.1 percent to 149.55 euros; Safilo Group, 2.3 percent to 10.45 euros; Hennes & Mauritz, 2.8 percent to 324.70 Swedish kronor and Unilever, 2.2 percent to 34.73 euros.
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The few risers numbered MySale Group, 2 percent to 0.51 pounds; Italia Independent, 0.7 percent to 28.30 euros and Brunello Cucinelli, 0.3 percent to 16.47 euros.
At 11.08 a.m. CET, the pound traded for $1.57, while the euro changed hands for $1.15 and the Swedish krona for $0.12.