The Dow Jones’ inability to avoid another round of losses kept the European indices firmly in the red, though the FTSE did manage to keep away from the morning’s lows.
Dropping more than half a percent, the Dow found its way to a fresh, sub-23200 14 month nadir as the US session got underway, investors still unhappy with the rate hike/growth outlook cut/not-dovish-enough statement hat-trick from the Federal Reserve on Wednesday night. With 11 days of the month left, the Dow is going to need an incredible shift in sentiment if it is to dodge posting its worst December decline since the Great Depression.
Though off their early lows, the Eurozone really struggled on Thursday. The DAX was down 1.3%, with the CAC falling 1.6%, both indices hurt by the euro taking advantage of the respective weaknesses of the dollar and the pound.
As for the FTSE, after that truly horrendous start, one that had seen it plunge as much as 2%, the UK index managed to hold its losses around the 0.5%. No mistake though, it is still in a bad way; at the moment a big sneeze would be enough to send it back towards its recent 28 month lows.
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