European markets dragged down by car makers

 
Chris Papadopoullos
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It was not a good day for European markets (Source: Getty)

European stock markets lost more ground today.

The German Dax closed down 1.67 per cent, lead by a 2.5 per cent drop in Volkswagen shares. It was the lowest close for the main German index since October last year.

The French Cac 40 fell 1.8 per cent, with Renault and Peugeot among the top three fallers. The Cac 40 closed at 4,312.89 points, its lowest close for nearly year.

Shares also dropped 1.67 per cent on the Italian FTSE MIB and the Spanish Ibex by 1.64 per cent.

Markets on the continent were dragged down by car makers, as new broke that several industry giants were under investigation.

The declines also came despite oil prices rising two per cent today, with West Texas Intermediate climbing above $31.23 a barrel. It fell below $30 a barrel for the first time since 2003 this week.

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