LONDON: European stock markets and oil prices slumped on Thursday in a"perfect storm" as Europe headed to the polls amid fresh economic gloom, the China-US trade war raged on and beleaguered Prime Minister Theresa May delayed another key Brexit vote.
London's FTSE 100 shares index was down 1.4 per cent at the close after the government postponed a crucial Brexit vote following an outcry from hardline Brexiteers over concessions made by May - who faces intense speculation over her future. Frankfurt also tanked as the key Ifo survey signalled confidence among German business leaders struck its lowest level in more than four years in May.On Wall Street, the Dow index was down by around 350 points approaching midday in New York, having lost ground throughout the morning.
"Risk appetite has clearly been pushed lower by the multitude of events today," Rabobank analyst Jane Foley told AFP. The move has led a number of companies around the world to cut back their business with the firm, including Google, Japan's Panasonic and EE in Britain, among others.