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 stocks go down
On Thursday, European stocks declined after a mixed pack of earnings from the region as well as worries for the euro zone economy resurfaced following a dismal German sentiment poll yesterday.
Eventually, the Finnish telecom network equipment maker went down by 10% that appears to be its steepest slump for 18 months after it posted a shocking quarterly loss, referring to hard competition in its core networks business.
The pan-European STOXX 600 index tumbled by 0.1% following an eight-session ascend in the benchmark index recorded on Wednesday.
Nokia's dive helped to bring the tech index 0.9% down after yesterday’s 4% leap.
The UK’s FTSE lagged, affected in part by the country's number three homebuilder Taylor Wimpey that warned its full-year margins would be a bit lower. Moreover, it also suppressed its peers.
Sainsbury's went down by 5% after the UK’s competition watchdog blocked the retailer's proposed 7.3 billion pound takeover of Walmart-owned Asda.
German heavyweight Bayer went up because the drug and farming supplies company reported a 45% leap in quarterly core earnings against the backdrop of seed maker Monsanto's acquisition.
Besides this, semiconductor maker ASM rallied by 7.8% to the top of the regional index having beaten first-quarter objectives, while Germany's Dialog Semiconductor headed north by over 1% having predicted higher than expected gains in the first quarter.
Aside from that, the banking index headed south by 0.3%, suppressed by Barclays as well as Swedbank stocks.
Britain's Barclays declined having posted a 10% dive in quarterly gain because its under-pressure investment bank struggled with tough financial markets.
Eventually, Swedbank declined more than 3% having posted an estimate-beating first-quarter gain because the Swedish lender admitted to previous faults in fighting money laundering.
Deutsche stocks jumped by 4.7%, while those of Commerzbank decreased by 2.5%.
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.
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