European shares end in the reds as Covid-19 uncertainty dented initial gains

by   |  VIEW 221
European shares end in the reds as Covid-19 uncertainty dented initial gains

On Tuesday, the 10th of March 2020, despite a robust opening of the day, a slew of European stock indices had rounded off the day broadly lower, as an abrupt climb of newer coronavirus cases within the bloc alongside an entire lockdown of Italy, the EU’s third-largest economy behind Germany and France, had been keeping the investors on a “flight-to-safety” mode, Besides, as the European stock exchanges had yet to digest a nearly 25 per cent plunge of crude oil futures’ prices on Monday’s (March 9th) market amid a full-fledged price war over crude oil between Moscow and Riyadh, the regional pan-European STOXX 600 was flumped further in to a bearish territory on Tuesday’s (March 10th) market closure and rounded off the day 1.1 per cent lower.

Meanwhile, referring to investors’ worries over potential financial fallouts of coronavirus outbreak in the bloc alongside ECB’s (European Central Bank) lack of room to ease fiscal policy, an analyst at ETX Capital in London, Michael Baker said on Tuesday’s (March 10th) market wind down, “Traders are a bit nervy, the only positive news we’ve been getting out is probably rate cuts or tax cuts - we need news in terms of the actual control of the virus, which we don’t seem to be having right now,” while a jump of newer Covid-19 cases in Sweden had also added to investors’ worries.

Citing statistics, on Tuesday’s (March 10th) European market round off, London’s FTSE 100 faltered by 0.09 per cent to 5,960.23, while Frankfurt’s trade-sensitive DAX took a sharp header of 1.41 per cent to 10,475.49 and French CAC 40 had curbed out 1.51 per cent to 4,636.61.

Elsewhere in the Europe, Dutch main index Amsterdam drowned 1.21 per cent to 484.70, Madrid’s benchmark IBEX 35 was hit with a whiplash of 3.21 per cent to 7,461.50 and Swiss market index ended the day almost flatlined to 9,195.93, while Italy’s FTSE MIB muzzled 3.28 per cent to curtain off the day at 17,870.18.