European shares round off bumpy week in red inks



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European shares round off bumpy week in red inks

On Friday, a basket of major European bourses had wrapped the session in negative territories despite a robust opening of the day, as a steep pull-back in Wall Street’s major indices coupled with a gratuitous fret over Omicron variant had added to holocaust with Madrid’s benchmark IBEX 35 leading the tally of losses.

On top of that, the regional pan-European STOXX 600 had closed out the session 0.6 per cent lower, shrugging off 0.3 per cent in the week, followed by multiple side-way movements throughout the day. If truth is to be spoken, in the day’s heavy shelling on major European bourses was almost entirely catalyzed by the US Labor Department’s nonfarm payrolls data that fell well short of analysts’ expectation, eventually stoking frets that the US economy might be closing in on a maximum employment with more than 3.9 million jobs having been lost in meadows of a menacing pandemic outbreak.

However, the report also had raised prospects that the US Federal Reserve would foster a faster-than-anticipated hawkish approach, though a tech slide in the Wall Street following Chinese ride-sharing giant Didi’s delisting from NYSE, had prompted major European capital markets to shrug off tech-stocks exposed to China trade.

Meanwhile, expressing concerns about an upscaled volatility in global capital markets over coming weeks, a senior market analyst at OANDA, Edward Moya said, “The next couple of weeks will remain volatile as the focus falls on the latest (U.S.) inflation report, the December 15th FOMC meeting, and further clarity on the impact with the Omicron variant”.

European shares slump on dismal US job data, Omicron fears

Citing statistics, in the day’s European market wind-down, London’s blue-chip FTSE 100 edged 0.10 per cent lower to 7,122.32 and French CAC 40 lost 0.44 per cent to 6,765.52, while Frankfurt’s DAX dwindled 0.61 per cent to 15,169.98.

Elsewhere in the Europe, Milan’s FTSE MIB muzzled 0.26 per cent to 25,938.52, while Madrid’s benchmark IBEX 35 indented 0.71 per cent to 8,271.70. Over the week, UK’s blue-chip FTSE 100 gained 1.11 per cent, Paris’ CAC 40 added 0.38 per cent and Frankfurt’s DAX 30 shed 0.57 per cent, while Milan’s FTSE MIB added 0.33 per cent and Madrid’s IBEX 35 tottered as much as 1.92 per cent.