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Euro Stoxx tracks metal prices, drops almost 2%

FXStreet (Mumbai) - The European stocks fell sharply on Tuesday as investors tracked metal prices, which traded weak, ignoring the bounce in the US and Chinese stock markets.

The pan-European Euro Stoxx 600 index currently trades 1.85% lower around 351.20 levels. London's FTSE 100 index was 1.8% lower, the German DAX fell over 1.5% and the French CAC was off by 2.1%.

Shares in Volkswagen extended the Monday’s decline by almost 6% on the continuing controversy over its emission tests. London-listed Antofagasta saw shares down 6.5% after a price cut from Credit Suisse. Anglo American shares declined after Swiss bank downgraded its outlook from "outperform" to "neutral". Shares in BHP Billition also weakened 4.7% lower.

Wall Street witnessed a moderate bounce back on Monday, however, commodity prices were unimpressed with the bounce in the US and China. Moreover, the sentiment could have taken a hit after the Asian Development Bank (ADB) revised its China and India growth forecasts lower.

AUDUSD: Consumer confidence building – Swissquote

Arnaud Masset, Market Analyst at Swissquote, notes that Australian shares rose 0.74%, helped by a strong consumer confidence in September. ANZ Roy Morgan weekly consumer confidence index jumped to 114.5 points from 105.3 a week ago as Malcom Turnbull took over leadership of the Liberal Party from Tony Abbott.
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