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FTSE blog: European markets continue sell-off

European markets continued to tumble on Wednesday extending the week’s losses following the failed coalition talks in Greece.

At12.19, the FTSE 100 was down 1 per cent to stand at 5382.47. The German Dax was down by 0.9 per cent, however the French Cac 40 was up 0.1 per cent.

The fall comes as the Euro hits a four-month low against the dollar as concerns over Greece potentially leaving the single currency grew. Greece is set to hold fresh elections on June 17. Council of State president Panagiotis Pikramenos will head the caretaker government until the election.

The euro fell by more than half a cent to $1.27.

Markets in Asia also fell overnight, with Japan’s Nikkei 225 down 1.1 per cent and the Hong Kong Hang Seng down 3.3 per cent.

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