European shares set to plunge on recession fears

August 9, 2011 08:22

LONDON - European shares were set to plummet on Tuesday, tracking steep falls on Wall Street and in Asia as investors panicked over the United States' loss of its top credit rating and the paltry efforts of world leaders to calm worries over growth and debt.

Financial spreadbetters expected Britain's FTSE 100 to open 220 to 268 points lower, or as much as 5.3 percent, Germany's DAX to open 200 to 333 points, or as much as 5.6 percent lower, and France's CAC-40 to fall 92 to 165 points, or down as much as 5.3 percent.

"European equity markets are set to open significantly lower as ongoing concerns about a global slowdown accelerate the selling pressure," said Jonathan Sudaria, dealer at Capital Spreads.

"The heavy volume over the recent days shows that this isn't a holiday-thinned market, but a serious liquidation of positions as confidence amongst traders evaporates," he added.

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