Tue. Sep 29th, 2020

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European markets towards lower open

1 min read

European stocks are expected to open lower Wednesday as investors react to the technology-led rout in the U.S. that is putting pressure on financial markets around the world.

London’s FTSE is seen opening 32 points lower at 5,898, Germany’s DAX down 38 points at 12,930, France’s CAC 40 down 12 points at 4,962 and Italy’s FTSE MIB 42 points lower at 19,338, according to IG.

European markets look set to follow their counterparts in Asia lower Wednesday as investors react to declines on Wall Street. The Nasdaq Composite dropped 4.1% to close at 10,847.69 Tuesday, meaning the tech-heavy index was down 10% over the past three days. The Dow Jones Industrial Average plunged 632.42 points, or 2.3%, to end its trading day at 27,500.89. The S&P 500 slid 2.8% to close at 3,331.84.

Shares of Japanese conglomerate Softbank Group fell more than 3% in Asia overnight. The stock has plunged more than 10% since its Friday close after a Financial Times report identified the firm as the “Nasdaq whale” that bought billions of dollars in technology company stock options over the past month.

 

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