European Stocks Drop Amid Portugal and Greece Drops


European Stocks Drop Amid Portugal and Greece Drops

European stocks dropped heading for one of their biggest declines in three days amid the slip of national benchmark gauges in Spain, Greece and Portugal.

The geopolitical anxiety in the EU could have influenced the drop in markets after the EU governments stopped the new Russian sanctions.

The Stoxx Europe 600 index dropped 0.3% to 345.2 at 3:10 pm London time, extending the losses at the opening of the US market. Greece’s ASE Index dropped 2.5% while Portugal’s PSI 20 Index dropped 1.3% and IBEX 35 Index of Spain dropped 1.2% for the largest drop among the 18 markets for western-European.

Bloomberg reported that Stewart Richardson, who assists to oversee around $100 million as CIO of RMG Wealth Management LLP said, “We don’t see a huge opportunity in European equities at the moment. We don’t expect a significant pick up in the European economy this year. If Scotland votes Yes in the referendum, that will impact the UK economy and spill over into Europe’s economy as well.”

The Stoxx dropped 0.4% yesterday according to a survey by YouGov Plc, which indicated for the first time that most voters in Scotland opt to break away from UK.

The UKs FTSE 100 Index fell 0.2% today after slipping more than 0.3%. France’s CAC 40 Index and Germany’s DAX Index fell 0.5%.

As reported by The Street, L’Oreal in Paris dropped 1.85% to 124.85 euros as the maker of Lancome cosmetics and Maybelline mascara slashed its growth forecasts for cosmetics market.

In Madrid, Gamesa Corp. Tecnologica, Spanish renewable energy company dropped 3.18% to 9.45 pounds following its announcement on a planned boost of share capital by around 9.99 percent through accelerated book building, closing on Wednesday.

There were mixed Asian stocks, with the Japan Nikkei gaining 0.28% to 15, 749 and the Hong Kong Hang Seng dropping 0.2% to 25,190.45.

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