European shares slumped on coronavirus worries, weak euro zone data


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European shares slumped on coronavirus worries, weak euro zone data

On Friday, the 31st of January 2020, despite a glittery beginning of the day, a gauge of European stock indices pared earlier gains at afternoon trading and winded down the day deep in the reds, as a series of disdainful eurozone economic data pointing towards perils had weighed on investors’ sentiment.

On top of that, amid nerve-wracking worries of financial impacts of a coronavirus outbreak, UK and Italy had confirmed their first diagnosed case of coronavirus, which added to further strains. Besides, as London and Milan, both bled more than 1.5 per cent after the countries’ cabinet had declared a state of emergency due to the virus outbreak, the pan-European STOXX 600 tumbled 1.1 per cent and took weekly loss to 3 per cent, remarking the index’s steepest weekly fall in more than 6 months.

Meanwhile, as STOXX 600 scored a monthly slump of 1.2 per cent, its worst decline since January 2016, a strategist at Rabobank, Philip Marey said on Friday’s (January 31st) market wrap-up, “Each new case adds to the uncertainty about the virus.

” Citing statistics, on Friday’s (January 31st) market closure, London’s FTSE 100 fell by 1.30 per cent to 7,286.01, while Frankfurt’s DAX 30 dwindled 1.33 per cent to 12,981.97 and French CAC 40 curbed out 1.11 per cent to 5,806.34.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 shed 1.16 per cent to 9,367.90, while Italy’s FTSE MIB nosedived as much as 2.29 per cent to round off Friday’s (January 31st) market at 23,237.03.