Europe markets slide at open on Turkey crisis

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul on Aug 2, 2018.
A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul on Aug 2, 2018.PHOTO: REUTERS

LONDON (AFP) - European stocks sank on Monday (Aug 13) in opening deals on fears over Turkey's currency crisis, while Frankfurt also fell with German chemicals and pharmaceuticals giant Bayer plunging on last week's Monsanto cancer ruling.

"Clearly Turkey's situation is another global risk," said Konstantinos Anthis, head of research at ADS Securities.

"Even though the country itself has limited ties with the rest of the world, a spreading of the crisis to Europe via its banks' exposure is a major concern."

In initial deals, London's benchmark FTSE 100 index of top blue-chip firms dipped 0.2 per cent to 7,648.90 points compared with Friday's closing level.

In the eurozone, Frankfurt's DAX 30 dropped 0.6 per cent to 12,346.75 points, with Bayer diving almost 10 per cent as investors reacted to a shock US ruling against Monsanto, which merged with the German firm this year.

The Paris CAC 40 meanwhile lost 0.2 per cent to 5,402.41 points.