European Stock Selloff Intensifies as DAX Heads for Bear Market

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European Stock Selloff Intensifies as DAX Heads for Bear Market

Bloomberg - 8/24/2015 3:07:34 PM

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The European stock rout is getting worse as equities tumbled for a fourth day and Germany’s benchmark gauge headed for a bear market.

The Stoxx Europe 600 Index lost 3.5 percent at 8:13 a.m. in London, deepening its plunge after its worst week in four years. Miners plunged 6.1 percent for the biggest slump among industry groups as commodities were set for their lowest levels since 1999. Germany’s DAX Index dropped 3 percent, down 21 percent from its peak.

The rout that began with the devaluation of China’s currency, raising concern over a global economic slowdown, has sent the Stoxx 600 into a correction, closing 13 percent lower than the record it reached in April. Thirteen out of 18 western-European markets have fallen 10 percent or more from their high.

The Stoxx 600 traded at a seven-month low of 15.4 times estimated earnings on Friday, compared with 17.4 times in April, after the European Central Bank began quantitative easing to support the economy.

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