Bloomberg reported the Stoxx Europe 600 Index lost 3.3% in London, deepening its plunge after its worst week in four years. More than $5 trillion has already been erased from the value of global stocks since China unexpectedly devalued the yuan, Bloomberg said.
Bloomberg noted the European stock rout is getting worse as equities tumbled for a fourth day and Germany’s benchmark gauge headed for a bear market.
Bloomberg quoted an asset manager in Germany as saying, “There won’t be a rebound today. The Americans will add to the European selling pressure in the afternoon, and that may drive us even lower.”
Read the full report from Bloomberg here.
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