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 start higher in risk-on trade
On Friday, European equities started higher because market sentiment was still backed notwithstanding fresh diplomatic turmoil between Russia and America. Meanwhile, traders kept monitoring post-Harvey developments in Texas.
The EURO STOXX 50 soared 0.47%, Germany’s DAX 30 rallied 0.29%, while France’s CAC 40 grew 0.71%.
Renewed tensions arose after America has told Russia to shut down its consulate in San Francisco as well as buildings in Washington and New York, housing trade missions in retaliation for Moscow reducing the American diplomatic presence in Russia.
Meanwhile, market participants kept following developments in the American crude market because the Gulf Coast struggles to obtain gasoline flowing as refineries are still shut.
Financial equities were broadly higher because French lenders Societe Generale and BNP Paribas soared 0.31% and 0.67% respectively. At the same time in Germany Commerzbank inched up 0.24%.
Britain’s FTSE 100 surged 0.20%, backed by revenues in the mining sector.
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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.
Important events on February 17-21
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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