European stocks tumble on emerging currency turmoil
LONDON (AFP) - Europe's main stock markets tumbled on Friday as investors were spooked by a renewed bout of turbulence in emerging market currencies and weak Chinese manufacturing.
London's benchmark FTSE 100 index ended the day down 1.62 per cent at 6,663.74 points, Frankfurt's DAX 30 dropped 2.48 per cent to 9,392.02 points and the CAC 40 in Paris fell 2.79 per cent to 4,161.47 points.
Milan lost 2.3 per cent and Madrid tanked 3.6 per cent as numerous Spanish companies have investments in Argentina, whose currency plunged over 11 per cent on Thursday in its worst single-day fall in more than a decade.
"European markets fell flat on their faces as the emerging market currency rout continued, with the Argentine peso, Indian rupee, Turkish lira and South African rand all amongst the worst decliners, as economic growth concerns start to spread out beyond China," said market analyst Michael Hewson at CMC Markets UK.