Business

European stocks sink at open

Stocks on the continent extend previous day’s heavy losses amid a global sell-off

Updated 5 years ago · Published on 28 Jan 2021 4:30PM

European stocks sink at open — In early European trade, London and Paris were just under a percent lower, while Frankfurt dropped 1% lower from yesterday’s close. – Pixabay pic, January 28, 2021

LONDON – European stock markets sank at the open today, extending the previous day’s heavy losses as a global sell-off gathered speed.

In early trade, London’s benchmark FTSE 100 index lost 0.9% at 6,508.14 points, Frankfurt’s DAX 30 shed about 1.0% to 13,489.33 and the Paris CAC 40 declined 0.8% to 5,416.33.

Asia suffered further losses today tracking the rout in New York and Europe the previous day, as investors weathered a perfect storm of worries about the slow vaccine rollout, surging infections, a stuttering economic recovery and high valuations.

Worries about inoculations are rife, with the US and Europe struggling to get their programmes into gear owing to supply problems.

Compounding pandemic concerns is the row between the European Union and Britain over access to AstraZeneca’s drug, with both sides insisting the company uphold contractual delivery promises to each of them – but it has warned there is not enough to go around.

Investors have also been left deflated by signs that US President Biden’s proposed US$1.9 trillion (RM7.69 trillion) stimulus could be watered down and not even be ready until March, with progress snarled up by the Senate impeachment trial of Donald Trump. – AFP, January 28, 2021