European stocks traded sharply lower on Wednesday following a rebound in the previous session slightly relieve traders of major movements this week. The FTSE 100 index fell more than 1.3%, the German DAX traded down 1.4% and the French CAC dropped by 1.6%. After this week began with a sharp decrease in almost all global stock markets, a number of exchanges rebounded on Tuesday, especially after the announcement of the rate cut by China. Despite the announcement, the Chinese stock market fluctuated on Wednesday, with the Shanghai Composite up and down in the area of positive and negative throughout the session.
Investors are still worried about the health of the Chinese economy and the automotive companies and households goods distressed by their reliance on exports to China. German car manufacturer BMW and Porsche fell more than 2%, while producer goods Mewa Swiss Richemont and Christian Dior of France also weakened. Investors now look forward to the Jackson Hole meeting at the weekend that would give clues about the state of today's global economy and what the next move from the Federal Reserve.
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