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 stand still
On Tuesday, European stocks fluctuated between minor gains and losses in the face of a flurry of deal making as well as earnings as traders cautiously monitored developments around US-China trade negotiations.
As a matter of fact, the pan-European STOXX 600 index stood still. As for London's FTSE 100, it underperformed due to the fact traders got back from a long weekend.
Milan's FTMIB along with Madrid's IBEX 35 index surged by over 0.3%, underpinned by dealmaking activities.
UniCredit, Italy's number one financial institution told it was considering a sale of its FinecoBank unit and had come up with measures just to ensure the online broker was able to operate outside the group.
Across the region, financial institutions inched down by about 0.7% that appears to be the greatest sectoral tumble.
Spain's Cellnex told it would proceed with purchasing Iliad's mobile tower assets in Italy and France for up to 2 billion euros.
On the STOXX 600, both Illiad and Cellenex found themselves among top-notch performers.
In addition to this, Germany's biggest residential property company Vonovia managed to push the real estate sector up over 1.5% right after it had its full-year gain guidance increased.
As for France's Alstom, it managed to rally after the transport infrastructure group reported a firmer annual gain, backed by contracts and orders.
As for divers, Henkel headed south over 4% after the German consumer goods company posted a gloomy quarter of earnings as its adhesives business was affected by diving industrial output, while its beauty unit underperformed in China and western Europe.
G4S stocks went down by 2% right after Garda World Security Corp had interest in its cash solutions business dropped.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
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