European stocks drop following Merkel win

<p>Angela Merkel’s election win has not boosted European markets.</p>

European markets are mostly down today (September 23rd) after Angela Merkel's latest election win in Germany.

The euro rose in value yesterday following the chancellor's victory, but stock markets have not followed suit in the first session of the new week.

Ms Merkel took around 42 per cent of the vote and is now expected to set up a grand coalition between her conservatives and the Social Democrats, who polled about 24 per cent.

London's FTSE 100 was down by 0.68 per cent at 15:57 BST, while the Dax index dropped down 10.58 points at 8,665.15, BBC News reports.

Centrica was among the big fallers on the FTSE 100 today, losing as much as 1.7 per cent after the British Gas owner announced it has decided to halt two gas storage projects.

Another energy-related stock to be down on the London index today was National Grid, which also saw its share price slip by about 1.7 per cent over the course of the day.

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