European stocks at seven-month low amid coronavirus-led selling fever

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European stocks at seven-month low amid coronavirus-led selling fever

On Friday, the 6th of March 2020, a stack of European stock indices was muddled in to the mud in the face of growing fears that the coronavirus outbreak, which has been pouring cold water on business activities, would be pushing the global economy towards a steep recession, while the energy stocks and miners were the heaviest hit on Friday’s (March 6th) European market after Moscow had torn apart a three-year long pact of OPEC nations alongside Russia-led allies of other petroleum exporting countries, often abbreviated as the OPEC+.

On top of that, following a mass-slaughter of the natgas- and oil-related stocks due to a havoc-scale plunge of crude oil futures’ prices on Friday (March 6th), the regional pan-European STOXX 600 had wrapped up the day 3.7 per cent to its lowest level since mid-August 2018, marking up its third straight weekly decline as the global cases of coronavirus had surpassed 100,000 and the death tolls had reached 3,400 across the world.

Meanwhile, cautioning investors about a likely rock-bottom brewing off in the horizon for the global equity indices, a Senior Market Analyst at Oanda in London, Craig Erlam said on Friday’s (March 6th) market wrap-up, “The issue that people have in situations like this is that it’s very difficult to know when the bottom’s going to arrive.

The worst is not yet behind us because it still feels like we’re in the early spread phase in many countries. If we’re seeing policymakers providing stimulus, it suggests that even they believe there could be some significant damage.

” Citing statistics, on Friday’s (March 6th) European market closure, London’s FTSE 100 faltered as much as 3.62 per cent to 6,462.55, while London’s mid-capped index Mid 250 Index muzzled 2.98 per cent to 18,746.51.

Besides, in the bloodbath on Friday’s (March 6th) staggering European market environment, Frankfurt’s DAX dwindled 3.37 per cent to 11,541.87, French CAC 40 lost 4.14 per cent to 5,139.11, while Madrid’s IBEX 35 was drowned 3.54 per cent to wind down the day at 8,375.60.

Elsewhere in the Europe, the Swiss Market Index fell as much as 4.01 per cent to 9,736.82, while Italy’s FTSE MIB retreated 3.50 per cent to round off the day at 20,799.89.