The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
EU stocks head north
On Monday, European equities rallied because signs of a receding US-China trade clash spurred mining as well as technology equities.
Miners backed the market. The basic resources sector SXPP tacked on by 0.3%, while construction and materials SXOP soared by 0.4%.
Besides this, London copper rallied after US leader told that he might not slap more deities on Chinese products, although profits were capped in the face of tensions between the two leading economies at a regional AEPC summit.
The European STOXX 600 started up 0.6%, although flagged quickly to rally by 0.2% following three losing marathons in a row.
The DAX headed south in Germany, while the CAC 40 stood still in France because Renault equities affected the index.
Renault equities slumped by 15%, thus becoming the biggest STOXX 600 diver.
The French carmaker's equities were braced for their worst day since the Brexit vote. What’s more, they demonstrated their lowest value since October 28 2014.
Besides this, the automotive sector SXAP went down by 0.4% because Renault single-handedly suppressed the index.
The FTSE MIB managed to rally by 0.8% in Italy, with its banking stocks index soaring by 1.5% due to the fact Italy's government bond gains slumped.
Telecom Italia equities ascended by 3.5% after Italy's number one telecoms company uncovered that Luigi Gubitosi would be its new CEO.
Chipmaker stocks STMicro, Siltronic, and AMS, highly sensitive to trade clashes, appeared to be among top performers, adding 4.1%-6.3%.
The profits were helping the sector to regain some of the ground lost the previous week after a bunch of profit warnings ahead of the important holiday season.
Novo Nordisk equities rallied by up to 2.5% after JP Morgan had the pharmaceuticals firm upgraded to "overweight".
In addition to this, Salvatore Ferragamo equities dived by 3.3%.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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