Europe stocks plummet as Volkswagen, miners tank – CNBC
Major basic resources names were in the red on Tuesday after Credit Suisse downgraded its outlook on a few of the stocks in the sector.
Glencore, Anglo American and Antofagasta were among the worst performers on the FTSE 100, all trading more than 6 percent lower after Credit Suisse cut its outlook on the three stocks. Glencore traded more than 11 percent lower at one point, taking shares below £1 for the first time.
The Swiss bank cut its price target for Norwegian firm Norsk Hydro’s stock, sending shares in the company down 4 percent.
Meanwhile, BHP Billiton said it might raise cash by issuing multicurrency hybrid debt, which sent shares over 4 percent lower.
Europe’s pharmaceutical sector was also under pressure after Democratic presidential candidate, Hillary Clinton, tweeted that she planned to take on “price gouging” in the industry. London-listed Shire and AstraZeneca both traded well over 3 percent lower on the news.