Investing.com - European stocks opened lower on Wednesday, tracking overnight losses in the U.S. and Asia, as oil price volatility and concerns over global economic growth remained in focus.
During European morning trade, the EURO STOXX 50 retreated 0.4% by 8:45GMT, France’s CAC 40 lost 0.1%, while Germany’s DAX 30 slumped 0.6%. In London, the commodity-heavy FTSE 100 dipped 0.45%.
Major Asian equities closed lower on Wednesday, as crude oil prices slid on rekindled oversupply fears and amid mounting concerns over global economic growth.
Japan's Nikkei 225 fell 3.15%, Hong Kong’s Hang Seng and Australia’s S&P/ASX 200 each lost 2.3%, while China’s Shanghai Composite finished down 0.4%.
Overnight, Wall Street sank as the prolonged downturn in oil prices continued to weigh. The Dow closed down 295 points, or 1.8%, while the S&P 500 fell 1.9%.
Financial stocks were broadly lower, with Germany’s Deutsche Bank (DE:DBKGn) down 2.45%. Among peripheral lenders, Italy’s Banco Popolare (MI:BAPO) and Banca Monte Paschi (MI:BMPS) retreated 3% and 2.5% respectively.
Swiss pesticide and seed company Syngenta AG (VX:SYNN) soared 6.4% after Government-owned China National Chemical agreed to acquire the agribusiness company for $43 billion.