Business
European Stocks Tumble at Open as Oil Surges
Banks, industrials, and technology companies fall as European blue-chip indexes all opened sharply lower on surging oil prices.
Spain’s IBEX 35 fell 3% as major banks slipped sharply—Santander was down 4.4%, while BBVA fell 3.5%. Industrials led the fallers in the German DAX—down 2.7%—as Siemens Energy slid 7.25% while cement maker Heidelberg Materials fell 4.5%. The French CAC 40 was down 2.6%. Banks also pushed the FTSE MIB lower. The Italian index was down 2.5%, with UniCredit sliding 4%. In London, the FTSE 100 was down 1.7% as industrial giant Rolls Royce slid 5.1%. Losses in the index were softened somewhat by gains for oil majors BP and Shell. The Dutch AEX was down 1.9% as ASML—Europe’s most valuable company—falls 5%.