European stock markets drop at open

LONDON: Europe's stock markets dropped at the open on Wednesday following losses in Asia and Wall Street, with global equities slammed by sliding oil prices and US tax doubts, traders said.

London's benchmark FTSE 100 index lost 0.4 percent to 7,387.74 points, dragged down by falls in heavyweight oil and mining share prices.

Frankfurt's DAX 30 index shed 0.5 percent and the Paris CAC 40 lost 0.3 percent to 5,301.14 compared with the closing levels on Tuesday.

After falling heavily on Tuesday on warnings of slowing demand and rising stockpiles, crude oil futures extended the decline again on Wednesday.

Other commodity prices, including those of metals, followed suit.

Wall Street's three main indices meanwhile succumbed to profit-taking on Tuesday after reaching record highs last week.

Investors are concerned about US President Donald Trump's planned tax cuts as Republican lawmakers struggle to agree a deal.