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European stocks fell in extended selloff

European stocks slid on Thursday as a sharp selling in U.S. and Asia-Pacific region spread to the continent and weak reports from AB InBev and WPP stressed investors’ worries over weak earnings growth amid political uncertainty.

Photo: Reuters

The pan-European STOXX 600 fell 0.6 percent to 351.21.

Germany DAX 30 index tumbled 0.8 percent to 11,099.22 and France CAC 40 index slipped 0.4 percent, to 4,934.66. The UK's FTSE 100 index dived 0.7 percent to 6,914.65.

Shares in WPP dropped 22 percent after the advertising group downgraded its outlook, reporting a slowdown in client spending and “structural change” in the industry.

The sliding stock pushed the media sector 3.2 percent lower, which is set for its worst session since the Brexit referendum selloff in June 2016.

Shares of AB InBev slumped 8.1 percent after the Belgium-based brewing giant cut its dividend in half due to commodity price swings and volatility in emerging markets.

Swedish retailer ICA jumped 10.6 percent to the top of the STOXX after posting its third-quarter earnings.


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