European stocks fell sharply on Friday as the coronavirus epidemic continued to hit businesses around the world.
The pan-European Stoxx 600 closed down 3.6% on an interim basis, as oil and gas stocks fell 5.5% to cause losses, with all sectors and the main stock markets sliding in red. The sector slipped while OPEC and its non-OPEC allies did not reach an exit agreement to offset the impact of the coronavirus.
Global stocks have been affected by lingering concerns about the epidemic. On Wall Street, stocks fell sharply, the industrial average of the Dow Jones falling by 500 points. The S&P 500 and Nasdaq indices were also in the red.
Meanwhile, the 10-year US Treasury yield – the benchmark for mortgages and other loans – fell below 0.7% for the first time. Bond yields fell this week as investors began pricing prices as part of a new central bank move.
Oil prices also fell significantly, reaching lows never seen since 2017, as the producer group known as OPEC + failed to reach an agreement to implement supply reductions. .
In terms of data, Italian retail sales remained stable month-on-month in January after an increase in December. The French trade balance stood at -5.89 billion euros (6.66 billion dollars) in January against -3.72 billion revised in December. German industrial orders exceeded expectations to post a monthly increase of 5.5% in January.
The biggest losers
At the bottom of the Stoxx 600, Capita fell another 11% after Barclays and Deutsche Bank both lowered their share price target after falling 38% after Thursday’s earnings.
German cash and carry Metro group fell 11% after the European Commission approved its unconditional sale of Real to the SCP group, while Anglo American Platinum shares fell nearly 9% after an explosion caused the temporary cessation of one of its plans, forcing the second world – the largest platinum group to declare a case of force majeure and to reduce its production forecasts.
At the top of the European benchmark, the Poste Italiane share rose slightly by 3% after raising its 2020 targets and declaring that it is well positioned to resist coronavirus.