Stocks in Europe set to slump as the global sell-off drags on

Stocks in Europe are poised for a lower open Thursday, taking cues from the selling on Wall Street overnight.

The FTSE 100 is seen down by 60 points at 6,902; the DAX is expected to open lower by 95 points at 11,096; and the CAC 40 is set to start lower by 32 points at 4,921, according to IG.

Asian shares tumbled Thursday on the back of a plunge seen on Wall Street, with the Dow Jones erasing all its gains for 2018. The negative sentiment centered on a steep drop for tech shares and some disappointment over corporate earnings.

During Thursday’s trading session in Europe, investors will continue to follow earnings. UBS, Nokia, Daimler, Lloyds, and WPP are among the companies updating investors.

The European Central Bank (ECB) is also due to meet later Thursday and will announce if there has been any changes to policy at 12:45 p.m. London time.

Meanwhile, the spat between Rome and Brussels over next year’s budget continues. Italian Finance Minister Giovanni Tria said Wednesday that he sees no reason to present a new budget, after the European Commission said the plan was not good enough and wanted a new version within three weeks’ time.

Source: CNBC