On Thursday, the 7th of February, the European stocks had been plunged sharply, concluding a straight seven sessions run of gains amid a basket of terrifying trading updates in a wide variety of verticals. Prefixing further strains, the European Union had also slashed its growth forecasts, which had also forged a fornicating toll on the market.
The Pan-European STOXX 600 closed the day down by 1.5 percent, posting its biggest intra-day retreat since December 27th, while Germany’s DAX had been leading the group facing growing grudges from the global slowdown.
Frankfurt DAX 30 was down by 2.7 percent, as distressful December industrial data rekindled the oozing outcries of eurozone’s most prominent economic powerhouse. Concomitantly, the London’s FTSE 100 slipped 1.1 percent, after the Bank of England had reported earlier that Britain had been facing its weakest economic growth in a decade in 2019, amid mounting Brexit uncertainties and slowing down of global economies.
The Paris CAC 40 also posted a heavy loss of 1.84 percent to 4,985.56, retreating below its pivotal point, while the Euro and GBP, both faltered against the American Dollar. Addressing to the catastrophic decision of UK lawmakers of leaving EU without a deal and a deteriorating global market condition, a market analyst from CMC Markets, David Madden said, “Eurozone stocks are suffering greatly as investors are fearful the region could be in for an economic downturn.
Should the UK leave the EU without a deal, the deteriorating economic conditions could not come at a worse time. ”