October 23, 2007	Tuesday	Shawwal 10, 1428

LONDON, Oct 22: European stocks tumbled on Monday, mirroring steep losses across Asia after a pre-weekend US slump sparked by uncertainty over the US economic outlook and record high oil prices, analysts said.

London’s FTSE 100 index of leading shares lost 1.40 per cent to 6,436.20 points, after opening with a drop of almost 3.0 per cent.

In Paris, the French CAC 40 dropped 1.53 per cent to 5,652.71 and Frankfurt’s DAX 30 fell 1.34 per cent to 7,778.49 points. The Euro Stoxx 50 index of top eurozone shares dived 1.57 per cent to 4,341.93 points.

The European single currency stood at $1.4313 after striking a record high $1.4347. A strong euro makes eurozone exports more expensive for buyers using weaker currencies, and therefore weighs on European shares.

Wall Street shares took a dive on Friday, with the Dow Jones diving 2.64 per cent, as fresh economic worries and poor earnings news rattled investors on the 20th anniversary of the New York market crash.—AFP