LONDON — European stocks are expected to fall sharply at the open Wednesday, following losses on Wall Street Tuesday and in Asia-Pacific markets overnight.
The U.K.’s FTSE index is seen opening 62 points lower at 8,234, Germany’s DAX 162 points lower at 18,592, France’s CAC 40 54 points lower at 7,520 and Italy’s FTSE MIB 280 points lower at 33,628, according to data from IG.
The sharp decline expected for the region’s markets comes after the major U.S. averages kick-started September lower (U.S. markets were closed Monday for the Labor Day holiday), with the S&P 500 clocking its worst day since early August.
Wall Street’s losing session saw chip names come under pressure after two readings of U.S. manufacturing production implied slowing growth for the U.S. economy. U.S. stock futures fell Tuesday night.
The declines stateside prompted Asia-Pacific markets to plunge overnight, with Japan’s Nikkei 225 down 3.19%, leading losses in Asia, while the broad based Topix was down 2.79%.
In Europe Wednesday, data releases include final services purchasing managers’ index figures across Europe. Earnings come from Barratt Developments and Direct Line.