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Market Update

European Stocks Join Global Rout

European shares opened sharply lower, following U.S. stocks and Asian equities, amid concerns of a global economic slowdown gripped investors.

At the time of writing, Britain's FTSE was trading 2.1% lower, France's CAC was off 1.4% while Germany's DAX dropped 2.4%.

Stocks suffered a sharp fall in the United States Thursday, after a glut of reports released recently pointed to a slowdown in the economy. Most commodities took a knock while the U.S. dollar and treasuries rallied.

Bank shares witnessed selling across the board. Royal Bank of Scotland plunged 10% in early trade after declaring quarterly earnings.

Automakers BMW, Renault and Peugeot were off 2% to 3.8% while oil majors BP, BG Group and Royal Dutch Shell declined between 2.3% and 3.6% as crude prices fell.

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