European shares fall for third straight week in a row, miners worst hit

A basket of European bourses had witnessed a broad-based sell-off wave on Friday with major indices tumbling for third straight week in a row

by Sourav D
European shares fall for third straight week in a row, miners worst hit

On Friday, a basket of European bourses had winded down the session with lower, as a swathe of major European stock indices had logged their third straight weekly percentage decline with basic resources and miners bearing the heaviest brunt, however a media topline that the United Kingdom had been looking to ease travel restrictions, had pared some of earlier losses.

In factuality, Anglo American had been the biggest drag on regional pan-European STOXX 600 on Friday that was slumped as much as 8.1 per cent after heavy-weight US lenders such as Morgan Stanley alongside UBS had downgraded the stock, while European mining stocks were tottered just a notch shy of 8 per cent in the week over frets that China’s economic growth might be slowing amid a spike in delta cases.

In the day, the regional pan-European STOXX 600 fell 0.9 per cent, as travel stocks rose 1.2 per cent after closing 3.4 per cent higher a day earlier after a media headline had reported that the UK had been mulling an option to ease travel restrictions, eventually buffering some of the losses.

On top of that, investors’ angsts seemed to be holding back appetite for riskier assets ahead of US Fed, BoJ (Bank of Japan) and BoE (Bank of England) policy meets scheduled to take place next week.

European shares post weekly decline ahead of US Fed, BoE meet

Citing statistics, in the day’s European market closure, UK’s blue-chip FTSE 100 faltered 0.91 per cent to 6.963.64 and French CAC 40 shed 0.79 per cent to 6,570.19, while Frankfurt’s DAX lost as much as 1.03 per cent to 15,490.17.

Elsewhere in the Europe, Italy’s FTSE MIB muzzled 0.98 per cent to 25,709.56, while Madrid’s benchmark IBEX 35 added 0.31 per cent to 8,760.90. On the week, UK’s FTSE 100 took a hefty header of 0.93 per cent, French CAC 40 drowned as much as 1.40 per cent and Frankfurt’s DAX dwindled 0.77 per cent, while Italy’s FTSE MIB added 0.09 per cent and Madrid’s IBEX 35 gained 0.75 per cent.

Meanwhile, addressing to an upscaled investors’ caution, an analyst Beauchamp said, “If the caution we have seen this week does carry over into Monday and beyond, then the next Fed meeting provides another reason to tread carefully”.