Europe stocks sink in global selloff

European stocks sank Monday after heavy losses elsewhere, as fears over rising US interest rates and China’s Covid outbreak overshadowed news of the re-election of French President Emmanuel Macron.

In early deals, the Paris CAC 40 index lost 1.2 percent to 6,505.60 points and Frankfurt’s DAX dropped 0.9 percent to 14,014.90, trimming initial falls.

Outside the eurozone, London’s FTSE 100 shed 1.5 percent to 7,409.08 compared with the closing level on Friday.

“Despite some political relief in Europe after Macron’s victory, European markets have been overshadowed by broader macro concerns and (are) taking their cues from the sharp sell-off on Wall Street on Friday and in China overnight,” said Interactive Investor analyst Victoria Scholar.

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