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European stocks fell by the most in a single day since the start of the year

European stocks fell by the most in a single day since the start of the year


European stocks are down nearly 2 percent today. They have the largest one-day drop since the start of the year. The London Stock Exchange was dragged by tobacco companies. The pan-European STOXX 600 index closed 1.9 percent to 433.80 points.

British American Tobacco and Imperial Brands tumbled more than 7 percent. The market is responding to a report Monday by The Wall Street Journal (WSJ), which stated that President Joe Biden’s administration is considering reducing the nicotine content in cigarettes in the United States to a non-addictive level.

The London FTSE 100 Index is down 2%, marking the largest drop in two months. The DAX, the main indicator of stock price developments on the Frankfurt Stock Exchange, fell 1.6 percent. The worst session since December was behind the Madrid IBEX index, which fell 2.9 per cent.

The European STOXX 600 index closed trading several times this month, setting a new record. It’s up nine percent since the start of the year, roughly in line with the development of the US S&P 500 stock index.

Shares of Austrian chip maker AMS fell 13 percent today on news that the company has lost some orders on Apple.

Source: Reuters, ČTK, MT4

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