European stocks close slightly higher but mark worst week since 2008

by   |  VIEW 237

European stocks close slightly higher but mark worst week since 2008

On Friday, the 13th of March 2020, despite a draconian fallout of the coronavirus outbreak in Europe pouring fresh scorns over investors’ optimism, a majority of European indices had put an end to a six-day long losing streak, nonetheless, had been unable to steer clear the glooms stemmed from frets of further economic turmoil and rounded off the day with marginal gains.

In point of fact, the regional pan-European STOXX 600, which had been on course to stage its largest intra-session gain earlier in the day, sharply ran out of steams after Spain had declared a state of emergency over the coronavirus outbreak, while media headlines that the US Government would likely to adopt a similar measure later part of the day, had added to further pains.

Nonetheless, amid a growing number of odds weightiness of which had been rising in line with newer coronavirus cases across the glove, the regional pan-European STOXX 600 ended up the day 1 per cent higher after a record crash of 11.5 per cent yesterday (March 12th), while the index had winded down the week 18 per cent lower, marking up the index’s steepest weekly plunge since the ages of financial crisis in 2008.

Meanwhile, adding that a slew of stiffer Government measures to contain the virus outbreak had been taking a heavy toll on investors’ mind, a head of strategy at TS Lombard in London, Andrea Cicione said on Friday (March 13th), “These measures that governments are putting into place are just restrictions to movement - these are necessary measures, but nevertheless, they will have a significant economic impact, which the market is still coming to terms with”.

Citing statistics, on Friday’s (March 13th) European market wrap-up, London’s FTSE 100 gained 2.46 per cent to 5,366.11, Frankfurt’s DAX added 0.77 per cent to 9,232.08, while French CAC 40 rose by 1.83 per cent to 4,118.36.

Elsewhere in the Europe, Madrid’s IBEX 35 reported a robust upsurge of 3.74 per cent to 6,629.60, while Italy’s FTSE MIB mushroomed as much as 7.12 per cent to wind down Friday’s (March 13th) market at 15,954.29.