European stocks drop, Dax down more than 2%

Bears are making their presence felt today across European bourses as slide in oil prices and Fed rate hike talk rattled bulls.

At the time of writing, Stoxx 50 index was down 1.8%. Germany’s DAX was down 2.23%, followed by a 1.2% drop in UK’s mining heavy FTSE index. France’s CAC was down 1.9% as well.

France’s ArcelorMittal were down 6%. UK’s BHP Billiton and Anglo American were down 5% and 1.64% respectively. Meanwhile, positive side included names like London Stock Exchange, Randgold Resources, Easy Jet.

Risk-on sentiment is rattled by sharp drop in oil prices on fading prospects of OPEC and non-OPEC output freeze.