European stocks slide on return from Easter break
European stock markets slid Tuesday, catching up with losses in Asia and on Wall Street caused by slow growth concerns in China and rising US interest rates.
Trading for the first time since Thursday, London's benchmark FTSE 100 index was down 0.4 percent nearing the half-way stage.
Losses were steeper in the eurozone, with Frankfurt's DAX index and the Paris CAC 40 shedding around one percent, also after an extended weekend.
"Despite the public holiday in most of Europe yesterday, this is shaping up to be another volatile and eventful week for global markets," noted Lukman Otunuga, senior research analyst at FXTM.
"Later today, the International Monetary Fund will release its updated global economic outlook with markets expecting a downgrade for growth this year."
Otunuga said "such a development may hit investor confidence, sweetening appetite for safe-haven assets".
One traditional haven, the yen, struck a fresh 20-year low Tuesday at 128 to the dollar, with the Japanese currency heavily weighed down by diverging monetary policy in Japan and the United States.
High oil prices in Japan -- a major importer of crude -- have also pushed the currency lower, according to analysts.
Japan's Nikkei 225 rebounded from losses Monday -- and led other major Asian stock markets higher.
But Hong Kong plummeted by its largest margin in three weeks -- knocked by concerns around Beijing's tough tech-sector regulations and economic growth concerns in China.
Millions of residents are still cloistered in their homes in China's financial capital Shanghai.
Investors were left weighing whether attempts to lift the economy by Chinese policymakers -- who have held off cutting interest rates -- would offset Beijing's zero-Covid policies.
"The focus in Asia is on mainland policy easing to cushion the impact of lockdowns," said Stephen Innes at SPI Asset Management.
China's economic growth accelerated in the first quarter of the year to 4.8 percent, official data showed Monday, but the government warned of "significant challenges" ahead.
- Key figures around 1030 GMT -
London - FTSE 100: DOWN 0.4 percent at 7,586.79 points
Frankfurt - DAX: DOWN 0.9 percent at 14,036.68
Paris - CAC 40: DOWN 1.0 percent at 6,523.90
EURO STOXX 50: DOWN 1.1 percent at 3,807.47
Tokyo - Nikkei 225: UP 0.69 percent at 26,985.09 (close)
Shanghai - Composite: DOWN 0.05 percent at 3,194.03 (close)
Hong Kong - Hang Seng Index: DOWN 2.28 percent at 21,027.76 (close)
New York - Dow: DOWN 0.1 percent at 34,411.69 (close)
Dollar/yen: UP at 128.21 yen from 126.54 yen
Euro/dollar: DOWN at $1.0793 from $1.0802
Pound/dollar: FLAT at $1.3023
Euro/pound: FLAT at 82.87 pence
Brent North Sea crude: DOWN 1.3 percent at $111.68 per barrel
West Texas Intermediate: DOWN 1.6 percent at $106.49 per barrel
(A.Laurent--LPdF)
