Market Update
European markets Thursday expectedly opened in the red following the rout across global markets after a string of fresh data yesterday indicated a softening in the U.S. economy.
At the time of writing, the FTSE 100 was down 1% while the CAC 40 opened 1.5% lower. The DAX plunged 2.3%.
The disappointing U.S. data also impacted the dollar while a fresh downgrade for Greece by Moody's Investors Service yesterday induced a sell-off in the euro.
Stocks on the Move
In opening trade, Deutsche bank AG was off 1.6% and Societe Generale SA traded 1.8% lower. Commerzbank was off about 1%.
Shares of many European banks, holders of Greek debt, took a tumble. In Paris, both BNP Paribas and Credit Agricole were down over 2% each.
Miners sank deeper into the red, tracking lower metal prices. Antofagasta was down over 3% while Xstrata dropped 2.2%. Kazakhmys edged down 1.9%.
Investors will now be focusing on U.S. economic data Thursday, ahead of Friday's non-farm payrolls. U.S. initial jobless claims are due for release at 8:30 a.m. ET and U.S. factory orders are at 10 a.m.