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NS: European stock markets slide in renewed global sell-off
European markets sank Wednesday, tracking a US and Asian sell-off as the Trump-fuelled surge stumbled on doubts over his ability to fire up the world's biggest economy.

The dollar also struggled to recover losses against its major rivals as the euphoria of the US post-election period faded.

After hitting multiple records this month, Wall Street's main indices suffered their worst losses since Donald Trump's November election triumph, dragging Europe and Asia down with them as dealers fretted about his agenda.

London stocks shed 0.8 percent in mid-morning trade, with top faller Kingfisher (Frankfurt: 812861 - news) slumping 5.5 percent as the home-improvements chain's annual results missed market expectations.

In the eurozone, Paris dropped 0.7 percent and Frankfurt lost 0.6 percent.

The key cause for investors' concern is Thursday's vote in Congress on the replacement for Obamacare, with many Republicans opposed to it in its current form.

"After two months in office, markets want proof not just promises, fearful that the healthcare reform Trump is using to put his stamp on the presidency could delay the tax cuts and infrastructure spending markets desire so much more," said analyst Mike van Dulken at trader Accendo Markets.

Promises of infrastructure spending, tax cuts and deregulation were a key factor in the global markets rally.

The president travelled up Pennsylvania Avenue Tuesday to warn the party it could lose its majority if it fails to push through his bill.

If the Trump administration fails to secure support for his bill, analysts say that health reform would likely not take place until October, meaning economic reforms could be delayed until the end of this year at the earliest.

- Financials, miners under pressure -

In London on Wednesday, the banking sector bore heavy losses with Barclays (LSE: BARC.L - news) down 3.1 percent, Standard Chartered (BSE: 580001.BO - news) shedding 2.9 percent and Royal Bank of Scotland (LSE: RBS.L - news) losing 2.1 percent.

Miners also took a bashing, with BHP Billiton (NYSE: BBL - news) down 2.1 percent and Rio Tinto (Hanover: CRA1.HA - news) dropping 2.2 percent in value.

"Financials and commodities have been the winners since the US election -- and these are the sectors under most pressure now as concerns rise that the Trump trade has gone too far, too fast, without seeing the relevant policy changes to support market expectations," said Interactive Investor analyst Rebecca O'Keeffe.

The European slip mirrored similar losses in Asia, where Tokyo ended more than two percent lower, while Hong Kong shed 1.1 percent and Shanghai closed down 0.5 percent.

In commodities, oil prices dived close to a four-month low on growing concerns over rising crude stockpiles in top consumer the United States.

Europe's benchmark North Sea Brent crude for May delivery hit $50.05 per barrel, its lowest value since late November.