Europe Roundup: Falls on thin trade
PARIS: European stocks dropped in late morning trade yesterday on thin volumes as investors fretted over a lack of progress in resolving Washington's budget standoff.
"Despite the rise in the selling pressure we've seen recently, supports are holding for now," Aurel BGC chartist Gerard Sagnier said.
UK's FTSE 100 index shed 0.8 per cent, Germany's DAX lost 1.1 per cent and France's CAC 40 fell one per cent.
Despite the two-week slide, the FTSEurofirst 300 index is only 3.3 per cent off a five-year high hit last month, supported by steady investment inflows as a pick-up in the region's economy encourages investors to switch out of government bonds and into European stocks. Reuters