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Stocks Lower at the Open, Industrials See Particular Weakness

  • As flagged by futures, stocks open solidly in the red, with the DAX off 1.3% to underperform the rest of core. European indices are following Wall Street's lead, although the decline on the continent is larger than that seen in the US.
  • Industrials and financials are among the weakest so far, but all sectors are in the red in early trade. German carmakers trade poorly, with Volkswagen, Daimler, BMW and others off 1.5% or more.
  • EuroStoxx50 now comfortably below 4200, narrowing the gap with next support at the Aug26 low of 4141 and the 50-dma at 4131.75.
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