European stocks slumped on Thursday, as luxury-goods makers dived on worries over China’s efforts to tackle income equality, with mining stocks losing ground after minutes from the last Federal Reserve interest-rate-setting committee indicated it was soon going to start reducing the rate of bond purchases.
The Stoxx Europe 600
fell 1.5% to 467.24, in the first opportunity for investors in Europe to react to the Fed news.
The Stoxx Europe 600 basic resources index
dropped nearly 5% as iron-ore and other key metals declined in value.
U.S. stock market futures
at the time of the European close, were struggling to find positive territory.