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European Factors to Watch-China concerns set to push shares lower at open
August 12, 2015 / 5:27 AM / 2 years ago

European Factors to Watch-China concerns set to push shares lower at open

LONDON, Aug 12 (Reuters) - European stocks were seen opening lower on Wednesday, tracking a drop in Asian and U.S. stock markets as equities suffered in the wake of China’s devaluation of the yuan.

Financial spreadbetters expected Britain’s FTSE 100 to open down by around 40 points, or 0.6 percent lower. Germany’s DAX was seen opening down by 106 points, or 0.9 percent lower, while France’s CAC 40 was seen falling by 33 points, or 0.6 percent lower.

China allowed the yuan to fall sharply for a second straight day on Wednesday, forcing investors to seek refuge in safe-haven government debt. .

The slump in the Chinese yuan has impacted German carmakers and European luxury goods stocks, since China is a top export market for euro zone companies. It has also weighed on energy and mining shares as China is a top global consumer of commodities. ------------------------------------------------------------------------------ > GLOBAL MARKETS-Risky assets reel as China allows yuan to fall for second day > US STOCKS-Wall St slides after China’s surprise currency devaluation > Nikkei falls after China weakens yuan for second day > TREASURIES-U.S. bonds jump on China FX move, Fed rate speculation > FOREX-Australian dollar tumbles after China weakens yuan guidance > PRECIOUS-Gold holds near 3-week top as weaker yuan hits equities > METALS-London nickel dives 15 pct, copper, aluminium hit six-year lows > Oil prices slump further as China lets yuan slide (Reporting by Sudip Kar-Gupta)

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