Business

European stock markets close lower except Spain

Italy’s FTSE MIB down by 0.72% as markets rattle with US selloff

European stocks closed lower Tuesday, except Spain, as a strong selloff in the US rattled global markets.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, fell 2.32, or 0.49%, to close at 472.87.

London’s FTSE 100 was down 37 points, or 0.53% to 7,149 and Germany’s DAX 30 fell 89 points, or 0.56%, to 15,843.

France’s CAC 40 was off 17, or 0.26%, to end the day at 6,726 points. Italy’s Borsa Italiana FTSE MIB 30 was down 189 points, or 0.72%, to 26,073.

Spain’s IBEX 35, on the other hand, was the only gainer for the day adding 12 points, or 0.14%, to close at 8,894.

The fall in European indices came after a decline in the US stock market and a selloff in precious metals.

The Dow Jones was down 220 points, or 0.62%, to 35,148 at 12.46 p.m. EDT, while the S&P 500 fell 9, or 0.2%, to 4,525.

The Nasdaq, however, rose 36 points, or 0.24%, to 15,399 with a rise in tech stocks. Airbnb and Netflix each added more than 3%, while Tesla and Apple each rose around 2%.

The VIX volatility index, also known as the fear index, lost some of its earlier gains by hovering around 17.42 with a 6.1% increase.

The yield on 10-year US Treasury notes rose 3.4% to 1.366%, and the dollar index was up 0.5% to 92.47.

Precious metals and oil prices, however, were down with gold falling 1.5% to $1,796 per ounce and silver declining 1.5% to $24.35.

The price of Brent crude was at $71.66 per barrel, losing 0.8%. West Texas Intermediate dived 1.6% to $68.20.

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