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European stocks extend China-led sell-off on Yuan cut

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The stocks on the European bourses were in the sea of red and reached three-month lows this Thursday, deepening the slump seen yesterday, after another round of yuan devaluation by the PBOC triggered China stock markets turmoil.

    Most major Asian equities extended the rout and closed deep in the red after the Chinese equities plunged more than 7% in the first hour of trade, triggering the newly-implemented circuit breaker for the second time this week, The Chinese authorities were forced to halt trading for the rest of the day.

    Germany's DAX 30 index drops -3.53% to trade below 10k mark for the first time since mid-Oct, while the UK's FTSE 100 index falls -2.82% to 5,900. Among other European indices, the French CAC 40 index slips -3.17% to 4,339, while the pan-European Euro Stoxx 50 index drops -3.19% to 3,036.

    Meanwhile, with the risk-off sentiment dominating globally, the economic news are being shrugged-off by markets.
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