European stocks resist emerging market sell-off

LONDON:  European stock indices wavered Monday on expectations of further stimulus withdrawal by the Federal Reserve, analysts said, but avoided another sell-off on emerging market strains.
However London’s benchmark FTSE 100 index shed 1.38 per cent to 6,571.75 points in afternoon deals, taking hits from sharp falls for the share prices of British energy company BG Group and mobile phone giant Vodafone.
In foreign exchange trading, the euro dipped to $1.3663 from $1.3675 in New York late  Friday.
The British pound rose to 1.2136 euros from 1.2050 and to $1.6573 from $1.6479.
Gold rose to $1,270 an ounce on the London Bullion Market from $1,267.
While European markets were hit at the open by a sell-off on Asian markets, by afternoon most had trimmed their losses.
US stocks rebounded slightly opening Monday, following Friday’s two percent rout.
Asian stock markets closed sharply lower on Monday.
Tokyo tumbled 2.51 per cent, Seoul fell 1.56 per cent, Hong Kong dived 2.11 per cent and Shanghai gave up 1.03 per cent.