European stocks tumbled on Monday as worries over the global economy and more bad news from China’s property market rocked the investor mood.It came after the Bank of England and US Federal Reserve kept interest rates unchanged last week but indicated that further monetary policy tightening could be required if inflationary pressures remain.
“Worries over the property sector in China aren’t helping either after it emerged Chinese property group Evergrande said it was struggling to organise a process to restructure its debt. In company news, gambling giant Entain sunk to the bottom of the FTSE 100 after it told investors it is expecting online gaming revenues to have fallen over the year.
In better news, shares in CRH leaped higher after the building materials firm said it had successfully transitioned to a primary listing on the US’s New York Stock Exchange amid efforts to grow the business and returns for shareholders.