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European markets fall on Spanish gloom and corporate concerns

Stockmarket FTSE 480

European markets have recorded heavy losses on Tuesday as investors looked to safer assets following a number of poor corporate outlooks coupled with increased concerns over Spain.

At close, the FTSE 100 was down 1.44 per cent to stand at 5797.91. The French Cac 40 and the German Dax were down 2.2 and 2.1 per cent respectively, while the FTSEurofirst 300 was down 1.6 per cent.

Concerns were raised over Spain after its central bank predicted a worsening recession. The news comes only a day after Moody’s downgraded credit ratings for five Spanish regions. The Madrid Ibex was down 1.6 per cent.

US markets also fell in early trades with the Dow Jones down 1.9 per cent at 16.56 BST.

Miners led the fall in the FTSE 100, with Kazakhmys down 4.6 per cent. Burberry was also a major faller in the blue chip index, having seen its share price fall 3.3 per cent following a profit warning from rival luxury brand Mulberry. Burberry issued its own profit warning earlier this month.

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