European stocks slump 2% in first overseas reaction to Fed minutes

European stocks slumped on Thursday, with mining stocks losing ground after minutes from the last Federal Reserve interest-rate-setting committee indicating it was soon going to start reducing the rate of bond purchases.

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The Stoxx Europe 600 SXXP, -1.80% fell 2% to 464.82, in the first opportunity for investors in Europe to react to the Fed news.

Of the major regional indexes, the German DAX DAX, -1.60% skidded 1.8%, the French CAC 40 PX1, -2.49% slumped 2.9% and the U.K. FTSE 100 UKX, -1.93% slumped 2.3%.

The Stoxx Europe 600 basic resources index SXPP, -4.08% dropped nearly 5%. Futures on copper HG00, -3.39% and platinum PL00, -2.75% each fell nearly 3%.

The luxury-goods sector also was in retreat, on worries over China’s crackdown on the wealthy. Kering KER, -7.55% fell 8%, and LVMH Moet Hennessy MC, -4.79% dropped 5%.

U.S. stock market futures ES00, -0.63% also dropped.

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