European indices drop on start amid global selloff

Monday, 05. February 2018 09:01

European markets started the week with sharp losses, in a selloff started by Wall Street on Friday, when better-than-expected jobs figures sparked expectations of interest rates going up. The Dow ended last week with biggest losses in two years, falling more than 650 points and sinking below the 26,000 mark. Investors in Europe are also digesting quarterly earnings data released by the Irish low-cost carrier Ryanair earlier in the morning. On the political front, coalition talks in Germany between the Christian Democratic Union (CDU) and Social Democratic Party (SPD) failed to meet the Sunday deadline.

The DAX started the trading 1.68% day in the red. Biggest losses were posted by media company ProSiebenSat.1 and carrier Lufthansa, declining 1.94% and 2.21%, respectively.

The FTSE 100 went down 1.04% at the open.

The CAC 40 opened 0.89% lower, pulled down by luxury retailer Kering, which dropped 2.27%.

The euro lost 0.12% against the dollar, changing hands for 1.2447 at 9:02 am CET. The pound fell 0.11% versus the greenback, going for 1.4106.

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