By Carla Mozee, MarketWatch
Germany's DAX loses 9,000 level
LONDON (MarketWatch) -- European stocks slumped Friday, with
geopolitical tensions in Iraq and Russia taking their toll on
investors.
The Stoxx Europe 600 dropped 1% to 323.68.
European markets followed Asian declines overnight, coming after
U.S. President Barack Obama on Thursday authorized targeted
airstrikes and emergency-assistance missions in northern Iraq.
Obama said the U.S. must protect American personnel and prevent a
humanitarian catastrophe against violent Islamist forces. In Japan,
the Nikkei Average sank 3%.
The Stoxx 600 moved toward a 2.5% decline for the week, during
which investors fled risk as a trade war escalated between Russia
and the West over the Russia's support of separatist forces in
Ukraine.
Germany's DAX 30 on Friday lost the 9,000 level, trading down
0.98% at 8,950.40, with investors concerned about the impact of the
trade war on Europe's largest economy. The DAX on Thursday lost 1%,
marking a 10% fall from its all-time high hit on June 20.
One of the rare risers on the DAX and in Europe was Allianz SE ,
up 0.8% after the insurer and Pimco parent reported second-quarter
profit that topped expectations on Friday.
In Paris, the CAC 40 shed 0.5% to 4,128.74, but Russia's MICEX
equity index rose 1.1% to 1,347.24. Bucking the downward trend was
the FTSE MIB in Italy, which rose 0.12%, after seeing losses
earlier in the week on data showing Italy had slipped back into
recession.
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