Anxiety drags down European markets

17:43 • 11.02.16
Economy

London's top shares have fallen nearly 2.4%, while other European markets have seen even bigger falls, amid anxiety about the health of the global economy, the BBC reports.

By lunchtime, the FTSE 100 index was down 135.32 points to 5,536.98.

At the same time, share indexes in Frankfurt and Paris were down 2.7% and 3.8% respectively.

Analysts said US Federal Reserve boss Janet Yellen's gloomy economic assessment on Wednesday had
added to investors' worries.

In testimony to Congress, Ms Yellen said financial conditions in the US had become "less supportive" of growth and warned of the "increased volatility" in global financial markets.

On the FTSE 100, the biggest losers were a mix of financial firms and mining stocks.

Barclays was the worst performing bank, sliding 6.2%

Mining giant Rio Tinto fell 3.7% after it revealed that it had made an annual loss of £596m.

Fellow miners Glencore and Antofagasta shed 5.4% and 1.8% respectively.

However, other firms in the sector fared better. Randgold Resources rose 6.6%, while Fresnillo added 6.9%.
In Paris, Societe Generale bank was particularly hard hit, falling more than 13%.

The bank's share price tumbled after it said it was scrapping its target of obtaining a 10% return on equity by the end of this year.

In Frankfurt, Deutsche Bank was down about 8%, as its share price continued to suffer from concerns about the strength of its balance sheet.

Banks are under pressure across Europe because of fears that exposure to bad loans may leave them ill-prepared to cope if the global slowdown intensifies.

On the commodities markets, Brent crude was down 1.6% to $30.34, while US light crude fell 3.9% to $26.38.

On the currency markets, the pound hit a 13-month low against the euro, falling 1.12% to €1.2719.

The currency was also down 0.71% against the dollar at $1.4420.

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