Europe opens lower, DAX, CAC drop to 20-month lows

Thursday, 25. October 2018 09:03

Markets in Europe opened lower on Thursday following sharp declines during yesterday's United States session, with major indices seeing lowest levels in months. Investors digested results in corporate earnings reports from Daimler AG, Equinor, Nokia and UBS, while expecting releases from Twitter, Comcast, Merck and CME Group later in the afternoon. Meanwhile, the European Central Bank (ECB) is due to announce possible changes in policy at 1:45 pm CET, although ECB President Mario Draghi is not expected to comment on the issue of the Italian budget uncertainties.

The FTSE 100 declined 0.70% at the open, with multinational advertising and PR company WPP plummeting 20.40%. The CAC 40 was down 0.40% after the opening bell, touching an 18-month low, with Publics Groupe, Stimicroelectronics, Vivendi leading the losses, dropping 4.77%, 2.30% and 2.65%, respectively. The DAX fell 0.14% as the session started, shortly after dropping 1.56%, a low unseen since December 2016, Deutsche Boerse being the biggest laggard, with a 3.30% decline.

The euro gained 0.11% against the greenback, to go for 1.1404 at 9:31 am CET.

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Breaking the News / BM