European shares tumble further
Thursday, 12 July 2007
LONDON, July 11 (AFP): Europe's main stock markets dived lower Wednesday as fears about the troubled US housing sector reverberated across global equities, dealers said.
London's FTSE 100 index of leading shares fell 0.52 per cent to 6,596.40 points, Frankfurt's DAX 30 index sank 1.34 per cent to 7,858.36 and in Paris the CAC 40 lost 0.79 per cent to 5,971.75.
The DJ Euro Stoxx 50 index of leading eurozone shares shed 0.88 per cent to 4,434.74 points.
"We're declining on the back of Wall Street's losses yesterday because of the concern there over sub-prime mortgages," said Peter Jarvis, director or European equities at F and C Investments.
"It may be just an excuse to take profits, with the (European) markets at (recent) multi-year highs."
Wall Street stocks had plunged Tuesday as fresh concerns emerged about the US housing slump, hurting the overall finance sector, and after profit warnings from key US retailers dented sentiment.
Tokyo shares also saw heavy losses on Wednesday, on the eve of an interest rate decision from the Bank of Japan.
London's FTSE 100 index of leading shares fell 0.52 per cent to 6,596.40 points, Frankfurt's DAX 30 index sank 1.34 per cent to 7,858.36 and in Paris the CAC 40 lost 0.79 per cent to 5,971.75.
The DJ Euro Stoxx 50 index of leading eurozone shares shed 0.88 per cent to 4,434.74 points.
"We're declining on the back of Wall Street's losses yesterday because of the concern there over sub-prime mortgages," said Peter Jarvis, director or European equities at F and C Investments.
"It may be just an excuse to take profits, with the (European) markets at (recent) multi-year highs."
Wall Street stocks had plunged Tuesday as fresh concerns emerged about the US housing slump, hurting the overall finance sector, and after profit warnings from key US retailers dented sentiment.
Tokyo shares also saw heavy losses on Wednesday, on the eve of an interest rate decision from the Bank of Japan.