(RTTNews) – European stocks plummeted on Friday, extending losses to another session amid growing concern over the spread of the new coronavirus and its imminent impact on global growth.
By focusing on news of the dreaded virus’s spread, investors have put pressure on sales, ignoring economic data, profits and other company news.
New Zealand and Nigeria have confirmed their first cases of coronavirus. The World Health Organization has warned that the rapidly spreading disease may soon affect most, if not all, countries in the world.
WHO Director-General Tedros Adhanom Ghebreyesus recently said that the organization had raised its assessment of the risk of spread and impact of the coronavirus to “very high”.
In addition to confirmed cases in new countries, the number of cases in countries like China, South Korea and Iran continues to increase.
Reportedly, officials on the northern island of Hokkaido, Japan have declared a state of emergency due to the pace of new infections. South Korean officials are reportedly rushing to test thousands of church members at the heart of the country’s epidemic.
It was a large sale throughout the region. The pan-European Stoxx 600 fell 3.54%. The UK FTSE fell 3.18%, that of Germany 3.86%, the CAC 40 of France 3.38% and the SMI of Switzerland 3.67%, registering l ‘one of their biggest losses in a single session in several years.
Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Finland, Iceland, Ireland, Italy, the Netherlands, Norway, Poland, Portugal , Russia, Spain, Sweden and Turkey lost 1 to 5%, while Greece plunged more than 6%.
In economic news, consumer price inflation in Germany remained unchanged in February, while the measure of price growth in the EU increased, according to preliminary estimates from the statistical office Destatis Friday.
The consumer price index rose 1.7% year on year, as in January, which was the highest since July, when it was at the same level. The inflation rate was in line with economists’ expectations.
German unemployment unexpectedly fell in February, the Federal Employment Agency said on Friday. The number of unemployed people fell by 10,000 in February, which disrupted expectations of an increase of 5,000.
France’s economic growth for 2019 has been revised upwards on the basis of robust consumption and investment, detailed results from the INSEE statistics office showed. Another report showed a slowdown in consumer price inflation in February, driven by energy and food prices. Gross domestic product increased by 1.3% in 2019 instead of the 1.2% initially estimated.
Leading indicator of turning points in the Swiss economy rose for a third consecutive month in February, defying expectations of easing, survey data that was widely collected before news of the epidemic showed of coronavirus in northern Italy is not revealed.
The KOF economic barometer climbed to 100.9 from 100.1 in January, figures from the KOF Swiss Economic Institute revealed on Friday. Economists predicted a lower score of 97.5.
Swiss retail sales fell for the first time in five months in January, according to data from the Federal Statistical Office.
Retail sales fell 0.1% year-over-year adjusted working day in January, after increasing 0.8% in December.
Home price inflation in the UK was the highest in 18 months in February, according to data from a survey by the Nationwide Building Society. The house price index rose 2.3% year-on-year after rising 1.9% in January. This figure was in line with economists’ expectations.
On the French market, Louis Vuitton, slightly up, is the only winner of the CAC 40 index.
Technip, Bouygues, Engie, Airbus Group, Sanofi, Crédit Agricole, Saint Gobain, Safran and Société Générale lost 4 to 7%.
In Germany, none of the strong DAX of 30 stocks progressed. Linde, Deutsche Post, Muench.Rueckvers, Deutsche Bank, BASF, Lufthansa, Allianz, Covestro, RWE, HeidelbergCement, Infineon and Fresenius lost 3% to 6%.
On the British market, Fresnillo plunged 11.8%. TUI, Polymetal International, DS Smith, Hikma Pharmaceuticals, National Grid, Imperial Brands and BHP Group lost 5 to 9%.
IAG lost about 8% after the company said the coronavirus epidemic would reach its profits. EasyJet closed sharply lower after the announcement of the cancellation of certain flights and the launch of cost reduction measures in a context of marked slowdown in demand.
On the other hand, Rolls-Royce Holdings gained about 4.3% after the company reported a lower pre-tax loss for the whole year, while BT Group and Kingfisher gained 1.1% and 1%, respectively.
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 plummeted on Friday, extending losses to another session amid growing concern over the spread of the new coronavirus and its imminent impact on global growth.
By focusing on news of the dreaded virus’s spread, investors have put pressure on sales, ignoring economic data, profits and other company news.
New Zealand and Nigeria have confirmed their first cases of coronavirus. The World Health Organization has warned that the rapidly spreading disease may soon affect most, if not all, countries in the world.
WHO Director-General Tedros Adhanom Ghebreyesus recently said that the organization had raised its assessment of the risk of spread and impact of the coronavirus to “very high”.
In addition to confirmed cases in new countries, the number of cases in countries like China, South Korea and Iran continues to increase.
Reportedly, officials on the northern island of Hokkaido, Japan have declared a state of emergency due to the pace of new infections. South Korean officials are reportedly rushing to test thousands of church members at the heart of the country’s epidemic.
It was a large sale throughout the region. The pan-European Stoxx 600 fell 3.54%. The UK FTSE fell 3.18%, that of Germany 3.86%, the CAC 40 of France 3.38% and the SMI of Switzerland 3.67%, registering l ‘one of their biggest losses in a single session in several years.
Among other markets in Europe, Austria, Belgium, the Czech Republic, Denmark, Finland, Iceland, Ireland, Italy, the Netherlands, Norway, Poland, Portugal , Russia, Spain, Sweden and Turkey lost 1 to 5%, while Greece plunged more than 6%.
In economic news, consumer price inflation in Germany remained unchanged in February, while the measure of price growth in the EU increased, according to preliminary estimates from the statistical office Destatis Friday.
The consumer price index rose 1.7% year on year, as in January, which was the highest since July, when it was at the same level. The inflation rate was in line with economists’ expectations.
German unemployment unexpectedly fell in February, the Federal Employment Agency said on Friday. The number of unemployed people fell by 10,000 in February, which disrupted expectations of an increase of 5,000.
France’s economic growth for 2019 has been revised upwards on the basis of robust consumption and investment, detailed results from the INSEE statistics office showed. Another report showed a slowdown in consumer price inflation in February, driven by energy and food prices. Gross domestic product increased by 1.3% in 2019 instead of the 1.2% initially estimated.
Leading indicator of turning points in the Swiss economy rose for a third consecutive month in February, defying expectations of easing, survey data that was widely collected before news of the epidemic showed of coronavirus in northern Italy is not revealed.
The KOF economic barometer climbed to 100.9 from 100.1 in January, figures from the KOF Swiss Economic Institute revealed on Friday. Economists predicted a lower score of 97.5.
Swiss retail sales fell for the first time in five months in January, according to data from the Federal Statistical Office.
Retail sales fell 0.1% year-over-year adjusted working day in January, after increasing 0.8% in December.
Home price inflation in the UK was the highest in 18 months in February, according to data from a survey by the Nationwide Building Society. The house price index rose 2.3% year-on-year after rising 1.9% in January. This figure was in line with economists’ expectations.
On the French market, Louis Vuitton, slightly up, is the only winner of the CAC 40 index.
Technip, Bouygues, Engie, Airbus Group, Sanofi, Crédit Agricole, Saint Gobain, Safran and Société Générale lost 4 to 7%.
In Germany, none of the strong DAX of 30 stocks progressed. Linde, Deutsche Post, Muench.Rueckvers, Deutsche Bank, BASF, Lufthansa, Allianz, Covestro, RWE, HeidelbergCement, Infineon and Fresenius lost 3% to 6%.
On the British market, Fresnillo plunged 11.8%. TUI, Polymetal International, DS Smith, Hikma Pharmaceuticals, National Grid, Imperial Brands and BHP Group lost 5 to 9%.
IAG lost about 8% after the company said the coronavirus epidemic would reach its profits. EasyJet closed sharply lower after the announcement of the cancellation of certain flights and the launch of cost reduction measures in a context of marked slowdown in demand.
On the other hand, Rolls-Royce Holdings gained about 4.3% after the company reported a lower pre-tax loss for the whole year, while BT Group and Kingfisher gained 1.1% and 1%, respectively.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.