European stocks decrease

European stocks decrease

On Friday, European stocks slumped, suppressed by financial institutions, while lingering fears over global surge kept traders on edge before the crucial earnings season in America.

The STOXX 600 index slumped by 0.2%, finding itself on track to conclude the week lower after two winning weeks. All key markets in the region headed south.

Fears about sluggish global surge were backed this week by major financial institutions in the euro zone and America that maintained their dovish stances and warned of risks to the global economy.

Wall Street banks Wells Fargo and JP Morgan are expected to post outcomes on Friday, thus staring an American earnings season that experts expect will see the first year-on-year dive in quarterly profits since 2016.

In addition to this, UniCredit and Banco Santander pulled the banking sector down 0.5%, while all other EU sectors decreased or remained intact.

Eventually, Banco Santander slumped by 0.8% right after the Spanish bank came up with an offer to acquire the 25% stake it doesn't have in its Mexican unit in an all-share deal worth approximately 2.6 billion euros.

Besides this, UniCredit dived by 1% after Italy's leading financial institution told it appears to be one of the banks blamed for running a cartel in trading euro zone government bonds in 2007-2012 as financial downtimes put pressure on banks as well as several European economies.

In addition to this, London-based online trading platform Plus500 headed south by nearly 37% because gain for the first quarter decreased to a fifth of the previous year's, affected by a tumble in trading volumes.

Volkswagen went down because China's JAC Motors told that the two companies hadn’t held negotiations, notwithstanding reports VW was interested in grasping a stake in the Chinese electric-vehicle maker.


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