LONDON: European equity markets opened lower Wednesday after falls across Asia, as investors eyed rallying oil prices, spiking Middle East tensions and elevated UK inflation.
London’s benchmark FTSE 100 index dipped 0.2 percent to 7,659.66 points, compared with the closing level on Tuesday.
In the eurozone, Frankfurt’s DAX index also shed 0.2 percent to 15,226.93 points and the Paris CAC 40 lost 0.1 percent to 7,023.55.
Asian equities retreated and oil prices rallied Wednesday on fears that the Israel-Hamas conflict could spill over into a regional war after a blast at a Gaza hospital dealt a blow to President Joe Biden’s diplomatic drive.
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UK sentiment was also dented by news that UK inflation remained elevated at 6.7 percent in September, despite the Bank of England’s series of multiple interest rate hikes.
“An unwelcome combination of worries about a worsening situation in the Middle East and concerns about high interest rates settling in, is unsettling investors,” said Hargreaves Lansdown analyst Susannah Streeter.
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