ZCZC
BCN-37
MARKETS-EUROPE-OPEN
European equities sink at open on Turkey fears
LONDON, Aug 10, 2018 (BSS/AFP) – Europe’s stock markets sank in opening
deals on Friday, as investors fretted over the region’s exposure to Turkey’s
currency crisis and eyed the ongoing China-US trade row.
In initial deals, London’s benchmark FTSE 100 index of top blue-chip
companies declined 0.4 percent to 7,708.46 points compared with the closing
level on Thursday.
In the eurozone, Frankfurt’s DAX 30 dropped 0.8 percent to 12,574.20
points and the Paris CAC 40 also lost 0.8 percent to 5,455.96.
“For some time now investors have been looking at the unfolding currency
crisis in Turkey as a local difficulty,” noted CMC Markets UK analyst Michael
Hewson.
“However, the accelerating speed of the declines appears to be raising
concerns about European banks’ exposure to the Turkish banking system.”
Turkey’s embattled lira on Friday hit new record lows against the US
dollar, losing some five percent in value as strains with the United States
showed no sign of easing.
BSS/AFP/HR/1430