European shares extend losing streak for 5th straight day as BoE stimulus disappoint

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European shares extend losing streak for 5th straight day as BoE stimulus disappoint

On Wednesday, the 11th of March 2020, a slew of European stock indices had flumped to a more than 14-month low, erasing earlier gains made over optimism of a BoE stimulus, as a growing number of newer coronavirus cases across the globe with Italy being the second-worst hit after China, had led to a free-fall of riskier European stocks.

On top of that, Wednesday’s downbeat (March 11th) remark from the German Chancellor Angela Merkel who was quoted saying that a mass-scale outbreak of Covid-19 was inevitable given the absence of any kind of potential antiviral drug or vaccines, had added to further investors’ worries.

Besides, as Italy had ordered a sweeping lockdown across the country, while all businesses and institutions but financial entities, pharmacies and hypermarkets were ordered to stay off the streets until further notices, the regional pan-European STOXX 600 wrapped up the day down by 0.7 per cent, suggesting the financial fallouts of coronavirus outbreak would continue to rampage equity indices across the European stock indices.

Citing statistics, on Wednesday’s (March 11th) European market closure, London’s FTSE 100 faltered 1.40 per cent to 5,876.52 and Frankfurt’s DAX dwindled 0.35 per cent to 10,438.68, while French CAC 40 ended up the day 0.57 per cent lower to 4,610.25.

Elsewhere in the Europe, Madrid’s benchmark IBEX 35 dipped 0.34 per cent to 7,436.40, while Italy’s FTSE MIB managed to round off the day in the greens and added 0.33 per cent to 17.928.64 following Italian PM Conte’s pledge of a whopping fiscal stimulus of €25 billion aimed at grappling with the financial fallouts of the virus outbreak alongside slowing down the spread of the flu-like pandemic which had killed 837 people in Italy thus far and infected more than 12,000.