Europe stocks sink at opening, London hit hardest after BoE move

Europe stocks sink at opening, London hit hardest after BoE move

London’s benchmark FTSE 100 index sank 1.2 per cent to 6,918.36 points compared with yesterday’s close, also after the pound briefly shed one percent in value. ― Reuters pic

Thursday, 29 Sep 2022 3:32 PM MYT

LONDON, Sept 29 ― European stocks sank at the open today, with London hit hardest one day after the Bank of England intervened on bond markets to prevent a risk to UK financial stability.

London’s benchmark FTSE 100 index sank 1.2 per cent to 6,918.36 points compared with yesterday’s close, also after the pound briefly shed one percent in value.

In the eurozone, Frankfurt’s DAX index slid 0.9 per cent to 12,072.14 points and the Paris CAC 40 shed 1.0 per cent to 5,708.59.

Stocks rallied yesterday in volatile trade with investors buoyed by the BoE’s surprise purchase of long-dated UK government bonds.

“Yesterday’s tentative optimism has fizzled out rapidly,” IG analyst Chris Beauchamp told AFP. ― AFP