European Stocks Lose Early Gains
International Business Times
Published Sep 02, 2015 04:09AM ET
Updated Sep 02, 2015 07:00AM ET
European Stocks Lose Early Gains
By Arjun Kashyap -
Update as of 6:05 a.m. EDT: Stocks on European indexes had given up most of their gains made in early morning trades. The FTSE-100 was up 0.38 percent, while Germany's DAX and France's CAC-40 were flat.
Original story:
Stocks across major indexes in Europe opened in positive territory Wednesday even as trading across Asian markets was marked with volatility.
The FTSE-100 was up 0.75 percent in morning trade on the London Stock Exchange while Germany’s DAX exchange was up about 0.73 percent, and France’s CAC-40 was up 0.58 percent. As the morning wore on, the DAX had extended gains to 0.8 percent while the CAC-40 was up 0.75 percent. However, the FTSE-100 had lost all its gains and was trading down 0.24 percent at 4:05 a.m. EDT.
While world markets have been concerned about a slowdown in China and its factories, data showed manufacturing growth slowed in the eurozone as well in August, further muddling the European Central Bank’s efforts to stimulate the region’s economy.
"Sterling's appreciation and the continued sluggishness of the eurozone economy's recovery suggest that a sustained revival in the export-orientated manufacturing sector will remain a distant prospect," said Samuel Tombs at Capital Economics, according to Reuters.
However, Eurostat numbers released Tuesday showed unemployment in the eurozone falling to a three-year low. For sure, the drop in joblessness across the region has been uneven with Germany clocking a record low rate of 4.7 percent while one in four people were unemployed in Greece.
In Asia, on Wednesday, markets in China and Japan continued to witness volatile trading. In India, the benchmark S&P BSE Sensex also displayed volatility, opening the day up about 0.5 percent and later falling by 0.43 percent in early afternoon trade.
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