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European Markets Open Down 3%, Could Move to US

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

EU flag

Major markets in Europe opened down 3% and then recovered slightly.

Just after the open, the FTSE 100 was off 2.2% to 6,053.

The French CAC 40 was down 2.4% to 4,522.

The German DAX was down 2.4% to 9,885.

Worries about a down draft in the Chinese economy continue. As the second largest nation in the world, its weakness would hit the balance of the world — particularly nations with large trade partnerships with the People’s Republic.

Concerns continue about the recovery in much of Europe. The largest economy in the region, which is Germany, has recovered well. France, the second largest, has not. Smaller nations such as Greece and Spain are still in trouble.

Japan, the third largest nation in the world in gross domestic product, has an economy that has remained stagnant for years.

While much of the world will benefit from low oil prices, they will severely damage economies in Russia, the Middle East and South America.

The worry now is whether the sell-off will extend to the United States again.

ALSO READ: 5 Defensive High-Yield Stocks to Survive the Sell-Off Carnage

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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