European stocks drop as oil falters

Stock markets across Europe dropped in early trading, tracking weak Asian equities and drop in oil prices.

At the time of writing, Stoxx 50 index was down 0.50%. Germany’s DAX was down 0.63% and France’s CAC was down 0.58%. UK’s mining heavy FTSE was down 0.44% as well. The broader index Stoxx 600 was down 0.70% as well.

and Italian bank shares were dominating the gainers list from Stoxx 600 index. On the other hand, Switzerland’s Nestle was down 3.51%.

Asian markets were trading mostly lower. China CPI data release triggered speculation the nation would keep its loose monetary policy, but failed to support stock markets.