29 Feb 2016
Risk-off grips European stocks after china stock sell-off
European stock markets turned risk-off on Monday following a sharp sell-off in the Chinese equity markets.
At the time of writing, the pan-European Euro Stoxx 50 index was down 1.3%. Germany’s DAX and France’s CAC were down 1.5% and 1.1% respectively. UK’s mining heavy FTSE index was down 0.80%. The pan-European Stoxx 600 was down 1.10%.
The banking stocks once again came under pressure following a technical correction seen in the last week. Shares in Standard Chartered fell 3.5% after Bernstein cut its price target for the bank's Hong Kong-listed stock. HSBC holdings also dropped 3.2%. In Germany, shares in Deutsche Bank were down 2.45% as well.
Chinese markets tumbled Monday. Experts say, the recovery in China's property market may be driving some of the stock sell-off.
At the time of writing, the pan-European Euro Stoxx 50 index was down 1.3%. Germany’s DAX and France’s CAC were down 1.5% and 1.1% respectively. UK’s mining heavy FTSE index was down 0.80%. The pan-European Stoxx 600 was down 1.10%.
The banking stocks once again came under pressure following a technical correction seen in the last week. Shares in Standard Chartered fell 3.5% after Bernstein cut its price target for the bank's Hong Kong-listed stock. HSBC holdings also dropped 3.2%. In Germany, shares in Deutsche Bank were down 2.45% as well.
Chinese markets tumbled Monday. Experts say, the recovery in China's property market may be driving some of the stock sell-off.