Stock market is bleeding: what do you need to know
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?
European equities go down suppressed by Swiss Re
On Friday, European stocks edged down in early deals because market participants focused on a bunch of mixed company outcomes with insurance company Swiss Re affected after missing revenue estimates.
The STOXX 600 index edged down 0.1%, and it found itself on track to conclude the trading week intact following two straight week of dips. Euro zone blue chips slid 0.2% and Britain's FTSE didn’t change.
Swiss Re appeared to be the greatest drag to the STOXX, with its 3.4% loss, after the world's number two reinsurer told that first-half net revenue went down 35%, ruining hopes.
However, Royal Bank of Scotland that hasn’t derive an annual revenue since 2007, gained 3.5% after the British bank swung to a first-half revenue as its revival continued.
Approximately two thirds of the companies from the MSCI Europe index have already published their outcomes. Of them, 61% have surpassed expectations with second-quarter earnings surge supposed to hit 22%.
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What is pulling the stocks down?
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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