European stocks slide at open after US downgrade

European stock markets slid at the start of trading Wednesday after the United States had its top credit rating downgraded by Fitch.

London’s benchmark FTSE 100 index dropped 0.8 percent to 7,602.75 points.

In the eurozone, Frankfurt’s DAX index retreated 1.2 percent to 16,044.02 points and the Paris CAC 40 lost 1.0 percent to 7,331.88.

Ratings agency Fitch downgraded the United States’ top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an “erosion of governance” that has manifested in debt limit standoffs.

The decision to downgrade the US from AAA to AA+ sparked a fiery rebuttal from the White House.(BSS/AFP)