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European stocks slide at open
LONDON, Oct 23, 2018 (BSS/AFP) – European stock markets slid at the start of
trading on Tuesday following a slump in Asia, with investors offloading
shares on geopolitical tensions.
At the open, London’s benchmark FTSE 100 index shed 0.8 percent to 6,988.75
points.
In the eurozone, Frankfurt’s DAX 30 index tumbled 1.4 percent to 11,367.57
points and the Paris CAC 40 lost 1.2 percent to 4,991.91.
Frankfurt was dragged down additionally by a seven-percent plunge in the
share price of chemicals and pharmaceuticals giant Bayer.
A San Francisco judge on Monday upheld a jury verdict that found Bayer-
owned Monsanto liable for not warning a groundskeeper that its weed killer
product Roundup might cause cancer.
Judge Suzanne Bolanos denied Monsanto’s request for a new trial but cut the
$289 million damages award to $78 million to comply with the law regarding
how punitive damages awards must be calculated.
Bayer said it would appeal the latest ruling.
Asian stock markets meanwhile fell sharply on Tuesday as geopolitical risks
pile up, from US tensions with Russia and Saudi Arabia, to trade issues and
Italy’s budget stand-off with the European Union.
Milan’s FTSE MIB index was down about 0.8 percent in initial deals.
Wall Street closed mixed Monday as investors wait on company nings reports.
Jasper Lawler, head of research at London Capital Group, pointed to “nerves
ahead of a slew of corporate earnings reports out this week from… Amazon
and economic bellwether Caterpillar, in addition to rising geopolitical
tensions” for keeping investors away from risky bets.
BSS/AFP/SR/1650 HRS