European shares end roller-coaster session lower amid tech retreat

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European shares end roller-coaster session lower amid tech retreat

On Friday, a basket of European bourses had rounded off the day lower after multiple sideway movements, as a rise in pandemic cases in Europe had stoked concerns of a second wave of pandemic ahead of a long and withering winter, while the tech stocks’ retreat in the Wall St.

had also weighed down European bourses, nonetheless, advancement in merger talks between two of the largest Spanish lenders had kept a lid on the losses. In point of fact, Friday’s wild trading session had flirted several times between the gains and losses earlier in the day, but following an extension of losses of the tech stocks in the Wall St.

over worries of a sluggish economic recovery, European stocks had failed to gather steams and the regional pan-European STOXX 600 had winded down the day 1.1 per cent lower. For the week, STOXX 600 had shrugged off 1.9 per cent, largely catalysed by the two-day long tech stock retreats.

European stock indices end lower as tech stocks hit one-month low

Meanwhile, as the day’s European market had closely tracked the sell-off wave in the Wall St., the European technology sector .SX8P tumbled 2.7 per cent to hit a one-month low, while the index had clocked a weekly percentage decline of 4.1 per cent as the German software developer Nemetschek led the losses in the European market, shredding off as much as 9.4 per cent.

Citing statistics, on the day’s European market round off, major stock indices had finished broadly lower with Frankfurt’s DAX leading the losses in the region, while London’s FTSE 100 shed 0.88 per cent to 5,799.08, French CAC 40 had curbed out 0.89 per cent to 4,965.07 and Frankfurt’s DAX had been dwindled as much as 1.65 per cent to 12,842.66.

Elsewhere in the Europe, Borsa Italiana benchmark FTSE MIB faltered 0.82 per cent to 19,391.25, while Bolsa de Madrid’s IBEX 35 lost 0.23 per cent to 6,989.70. Besides, addressing to a market response of a likely dovish stance from the ECB (European Central Bank) policymakers’ meet scheduled to be taken place next week, a chief economist of eurozone and global head of macro at ING Carsten Brzeski wrote in a client note, “The Fed’s decision to move to an average inflation target has set the scene ...

given the still high level of uncertainty surrounding any economic outlook, the ECB is highly unlikely to change its policy stance at next week’s meeting.