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 stand still
On Tuesday, European equities struggled for direction in the morning, although revenue updates from crude major BP, a host of smaller British businesses and big banking equities kept things intriguing beneath the surface.
The STOXX 600 added by 0.1%. The DAX rallied by 0.1% in Germany. The FTSE 100 ascended by 0.2% in London.
Revenue turned out to be the big focus. Market participants are waiting for reports from such business sharks as Standard Chartered, BP, and Credit Suisse.
Credit Suisse managed to tack on by 0.8% right after the Swiss lender ramped up its second-quarter revenue twice.
Standard Chartered appeared to be the biggest banking loser. It lost 3.5% after its half-year update.
Lufthansa led leisure and travel equities higher. The equities of the German airline rallied by 5% after its second-quarter operating revenue surpassed forecasts.
The stocks of French media conglomerate Vivendi managed to ascend by 4.6% after the company unveiled its results and told that it was about to sell half of its UMG music division.
Approximately 40% of the way through the revenue season as well as half of MSCI EMU businesses have surpassed experts’ expectations. Actual year-on-year revenue accounted for 8.6%.
BP's equities rallied by 0.4% after the crude major's second-quarter revenue surpassed hopes on the back of higher crude prices as well as increased output.
A number of smaller British businesses faced some big stock price moves having uncovered their outcomes. The equities of Travis Perkins inched down by 8%, thus becoming one of the worst STOXX 600 losers after the building materials supplier reduced its revenue outlook on the back of a sluggish DIY market.
Rentokil Initial and Centrica dived too after updates.
Additionally, the equities of Swiss group GAM Holding edged down over 8% right after it had its investment suspended because of an internal investigation.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
RBA Rate Statement is released on Tuesday at 07:30 MT time.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.