European stocks slide amid U.S.-North Korea tensions
European stocks slipped sharply on Wednesday as tensions between the United States and North Korea continued escalating.
In Frankfurt and Paris, the DAX 30 and the CAC 40 index PX1 dropped 1.1 per cent to 12,160 and 1.3 per cent to 5,152, respectively.
Investors rushed to sell off their stocks after North Korean leader Kim Jong Un warned that his military could strike the United States’ military base in Guam.
Mike van Dulken, head of research at Accendo Markets, said, “The negative European open comes as U.S.-North Korean nuclear tensions rise, dampening appetite for risk assets (equities, industrial commodities) in favor of traditional safe havens (gold, silver, bonds, Japanese yen, Swiss franc).”
The declines contributed to a 0.7 per cent decline in the pan-European Stoxx Europe 600 SXXP, which slipped 0.92 per cent to 380.07. In the morning hours, the benchmark was on the path to suffer its biggest percentage decline in nearly two weeks.
Security group G4S suffered a decline of 5 per cent in its market value in early trade in spite of reporting a 7.6 per cent rise in profits during the first half of this year.
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