(RTTNews) – European stocks collapsed on Monday as mounting fears over the rapid spread of coronaviruses and falling crude oil prices made mood extremely bearish.
Oil prices have fallen to their lowest levels in 30 years after Saudi Arabia launched a price war against Russia following a disagreement over production cuts. There are fears that the price war will have dangerous consequences in the oil sector.
Saudi Arabia has announced a massive drop in official selling prices for April and plans to increase oil production. Saudi Arabia’s move comes after OPEC and its allies failed to reach agreement on further production cuts last week.
West Texas Intermediate crude oil prices plunged to $ 27.34 per barrel, and despite a loss of ground lost thereafter, still languished in the red at $ 32.80 per barrel, down more than 20 % compared to Friday’s close.
Meanwhile, in news related to the virus, several countries have reportedly added travel restrictions and in Italy, more than 16 million people are literally locked up while 366 people died from Coronavirus infection. Countries in the Middle East apply restrictions such as the closure of schools and shopping centers.
The pan-European Stoxx 600 fell 7.44%. Among the main European indices, the FTSE 100 of the United Kingdom fell by 7.69%, the German DAX by 7.94% and the CAC 40 of France fell by 8.39%. The Swiss PMI fell 5.55%.
Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Finland, Iceland, Ireland, the Netherlands, Norway, Portugal, Russia, Spain , Sweden and Turkey lost 3 to 9%. Greece lost more than 13% and Italy lost about 11%.
On the French market, Technip plunged by more than 23%. Societe Generale, ArcelorMittal, Crédit Agricole, Total, Renault, BNP Paribas, Peugeot and Accor lost 10 to 17%.
In Germany, Deutsche Bank, Daimler, Covestro, BMW, Volkswagen, BASF, MTU Aero, Allianz, RWE, Deutsche Post, Linde, Wirecard, SAP, Bayer and Siemens fell by 7 to 13%.
On the British market, BP finished down almost 20%. Royal Dutch Shell fell 18.2%, Centrica lost 17.5% and Aveva Group lost 17.2%.
Premier Oil fell nearly 58%. Tullow Oil fell nearly 32%. Cairn Energy, Enquest, Evergean Oil, Stobart, Aston Martin, Hunting and Pharos Energy lost 21 to 30%.
The Italian government has ordered a virtual foreclosure over much of its wealthy north, including the financial capital Milan, raising fears that the foreclosure will plunge the country into recession.
The German government has announced measures, including additional investments over the next four years, to stimulate the economy because the coronavirus, or COVID19, has hurt activity.
“Because of the coronavirus, no company in Germany should go bankrupt and no job should be lost as much as possible,” the coalition said in a statement today. The measures were decided after talks on Sunday evening.
The European Union (EU) needs a “massive” economic recovery plan to combat the negative impact of the coronavirus epidemic, said French Finance Minister Bruno Le Maire today.
Eurozone investor sentiment eased the most in March, reflecting fears of a global recession amid the spread of the coronavirus, or COVID19, revealed the results of a closely watched survey.
The investor confidence index fell to -17.1 in March from 5.2 in February, said behavior research institute Sentix. The 22.3-point drop was the largest in a month since the survey began. The reading was the lowest since April 2013.
German industrial production rebounded at a faster pace than expected in January, Destatis data revealed on Monday.
Industrial production increased 3% on a monthly basis, reversing a decline of 2.2% in December. Production is expected to grow moderately 1.7%.
At the same time, industrial production fell 1.3% from last year, but more slowly than the 5.3% drop in December. Economists had forecast an annual decline of 3.8%.
German exports remained stable in January compared with December, when shipments increased 0.2%, according to data from Destatis. Economists predicted export growth of 0.8%. At the same time, imports increased 0.5%, after falling 0.3% in December. Imports are forecast to increase by 0.6%.
As a result, the trade surplus fell to 18.5 billion euros, seasonally adjusted, from 19 billion a month ago.
France should progress at a slower pace than expected in the first quarter, according to a monthly survey by the Banque de France. Gross domestic product is expected to increase 0.1% in the first quarter, revised down 0.2 percentage points.
Switzerland’s unemployment rate remained stable in February, the State Secretariat for Economic Affairs or SECO said on Monday. The unemployment rate remained stable at 2.3%, seasonally adjusted, in February, in line with expectations. On an unadjusted basis, the unemployment rate fell to 2.5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(RTTNews) – European stocks collapsed on Monday as mounting fears over the rapid spread of coronaviruses and falling crude oil prices made mood extremely bearish.
Oil prices have fallen to their lowest levels in 30 years after Saudi Arabia launched a price war against Russia following a disagreement over production cuts. There are fears that the price war will have dangerous consequences in the oil sector.
Saudi Arabia has announced a massive drop in official selling prices for April and plans to increase oil production. Saudi Arabia’s move comes after OPEC and its allies failed to reach agreement on further production cuts last week.
West Texas Intermediate crude oil prices plunged to $ 27.34 per barrel, and despite a loss of ground lost thereafter, still languished in the red at $ 32.80 per barrel, down more than 20 % compared to Friday’s close.
Meanwhile, in news related to the virus, several countries have reportedly added travel restrictions and in Italy, more than 16 million people are literally locked up while 366 people died from Coronavirus infection. Countries in the Middle East apply restrictions such as the closure of schools and shopping centers.
The pan-European Stoxx 600 fell 7.44%. Among the main European indices, the FTSE 100 of the United Kingdom fell by 7.69%, the German DAX by 7.94% and the CAC 40 of France fell by 8.39%. The Swiss PMI fell 5.55%.
Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Finland, Iceland, Ireland, the Netherlands, Norway, Portugal, Russia, Spain , Sweden and Turkey lost 3 to 9%. Greece lost more than 13% and Italy lost about 11%.
On the French market, Technip plunged by more than 23%. Societe Generale, ArcelorMittal, Crédit Agricole, Total, Renault, BNP Paribas, Peugeot and Accor lost 10 to 17%.
In Germany, Deutsche Bank, Daimler, Covestro, BMW, Volkswagen, BASF, MTU Aero, Allianz, RWE, Deutsche Post, Linde, Wirecard, SAP, Bayer and Siemens fell by 7 to 13%.
On the British market, BP finished down almost 20%. Royal Dutch Shell fell 18.2%, Centrica lost 17.5% and Aveva Group lost 17.2%.
Premier Oil fell nearly 58%. Tullow Oil fell nearly 32%. Cairn Energy, Enquest, Evergean Oil, Stobart, Aston Martin, Hunting and Pharos Energy lost 21 to 30%.
The Italian government has ordered a virtual foreclosure over much of its wealthy north, including the financial capital Milan, raising fears that the foreclosure will plunge the country into recession.
The German government has announced measures, including additional investments over the next four years, to stimulate the economy because the coronavirus, or COVID19, has hurt activity.
“Because of the coronavirus, no company in Germany should go bankrupt and no job should be lost as much as possible,” the coalition said in a statement today. The measures were decided after talks on Sunday evening.
The European Union (EU) needs a “massive” economic recovery plan to combat the negative impact of the coronavirus epidemic, said French Finance Minister Bruno Le Maire today.
Eurozone investor sentiment eased the most in March, reflecting fears of a global recession amid the spread of the coronavirus, or COVID19, revealed the results of a closely watched survey.
The investor confidence index fell to -17.1 in March from 5.2 in February, said behavior research institute Sentix. The 22.3-point drop was the largest in a month since the survey began. The reading was the lowest since April 2013.
German industrial production rebounded at a faster pace than expected in January, Destatis data revealed on Monday.
Industrial production increased 3% on a monthly basis, reversing a decline of 2.2% in December. Production is expected to grow moderately 1.7%.
At the same time, industrial production fell 1.3% from last year, but more slowly than the 5.3% drop in December. Economists had forecast an annual decline of 3.8%.
German exports remained stable in January compared with December, when shipments increased 0.2%, according to data from Destatis. Economists predicted export growth of 0.8%. At the same time, imports increased 0.5%, after falling 0.3% in December. Imports are forecast to increase by 0.6%.
As a result, the trade surplus fell to 18.5 billion euros, seasonally adjusted, from 19 billion a month ago.
France should progress at a slower pace than expected in the first quarter, according to a monthly survey by the Banque de France. Gross domestic product is expected to increase 0.1% in the first quarter, revised down 0.2 percentage points.
Switzerland’s unemployment rate remained stable in February, the State Secretariat for Economic Affairs or SECO said on Monday. The unemployment rate remained stable at 2.3%, seasonally adjusted, in February, in line with expectations. On an unadjusted basis, the unemployment rate fell to 2.5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.