Investing.com - European stocks opened sharply lower on Monday, as investors avoided risk-related assets ahead of German business climated data due later in the session, as well as the highly-anticipated U.S. Presidential debate.
During European morning trade, the EURO STOXX 50 plummeted 1.57%, France’s CAC 40 dove 1.59%, while Germany’s DAX 30 lost 1.51%.
U.S. presidential nominees Hillary Clinton and Donald Trump were set to have their first debate at Hofstra University in New York state on Monday evening.
Energy-related stocks came under pressure as market participants were also eyeing an informal meeting of OPEC members this week, between Monday and Wednesday, to discuss a potential production freeze.
French oil and gas major Total SA (PA:TOTF) plummeted 1.81% and Italy’s ENI (MI:ENI) lost 1.67%, while Norwegian rival Statoil (OL:STL) plunged 2.02%.
Financial stocks were also on the downside, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) tumbled 2.12% and 1.96%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) sank 2.62% and 3.35%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) plummeted 2.51% and 3.91% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) lost 2.77% and 1.67%.
Elsewhere, Lanxess AG (DE:LXSG) soared 7.08% after the German chemicals groupe announced plans to buy U.S. rival Chemtura Corp.
In London, commodity-heavy FTSE 100 tumbled 1.00%, as U.K. lenders tracked their European counterparts lower.
Shares in HSBC Holdings (LON:HSBA) dropped 0.44% and the Royal Bank of Scotland (LON:RBS) declined 1.56%, while Barclays (LON:BARC) and Lloyds Banking (LON:LLOY) plunged 2.32% and 2.55% respectively.
Mining stocks added to losses on the commodity-heavy index, as BHP Billiton (LON:BLT) retreated 0.91% and Rio Tinto (LON:RIO) tumbled 0.99%, while Glencore (LON:GLEN) lost 1.43% and Anglo American (LON:AAL) plummeted 2.22%.
Tesco (LON:TSCO) was also one of the worst performers on the index, with shares down 1.39% following reports over the weekend that the retailer’s pension deficit has doubled in the past year to more than £5 billion.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.59% drop, S&P 500 futures showed a 0.57% loss, while the Nasdaq 100 futures indicated a 0.62% decline.