European stocks drop, relief rally short-lived

FXStreet (Mumbai) – The first win in the five sessions witnessed by the European equities in the early session proved to be short lived as investors turned cautious ahead of the FOMC rate decision and pushed equities into losses.

The pan-European Euro Stoxx 600 index now trades marginally lower at 355.67. Among the regional indices, Germany’s DAX now trades 0.6% lower, France’s CAC is 0.17% lower. The mining-heavy UK’s FTSE is flat to negative.

Oil prices extended losses in the European session and eventually dragged the energy shares lower. Shares in UK’s Tullow Oil are down 4.2%. French oil producer Total SA are down 0.6% as well. Meanwhile, shares in Investec; up 8.16%; are the top gainer in Euro Stoxx 600 index.

The better-than-expected Eurozone industrial production figures failed to have any positive impact on the European stock markets.

The first win in the five sessions witnessed by the European equities in the early session proved to be short lived as investors turned cautious ahead of the FOMC rate decision and pushed equities into losses.

(Market News Provided by FXstreet)