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 tack on as bank shares lead gains
On Monday, European stocks rallied in quiet trading, with bank shares leading the gains because China-US trade optimism as well as firm Chinese economic data soothed some fears over the global economy.
Eventually, the pan-European STOXX 600 index jumped by 0.1%, keeping to eight-month maximums. The banks-heavy Spanish and Italian indices led the profits.
As for Asian stocks, they started the week with an upbeat tone after American Treasury Secretary Steven Mnuchin told on Saturday that he hoped that China and America were close to the final round of trade talks.
Compass Group turned out to be amidst the biggest weights on London's blue-chip index due to the fact Barclays had stocks of the world's largest caterer t downgraded to "equal-weight".
London-listed stocks of Rio Tinto put pressure on basic resources sector. In addition to this, the mining major revealed plans to pump an extra $302 million to develop its Resolution copper project in the American state of Arizona because it’s about to expands output just to meet the flourishing market for new energy cars.
Publicis headed north by 3.4% even as the French advertising group told it would shell out $4.4 billion to buy Alliance Data's Epsilon marketing unit, expanding its North American footprint and digital business.
Among top-notch gainers was Norsk Hydro that rallied by 4.7% because the company's alumina refinery in Brazil, Alunorte as well as Brazilian public prosecutors both petitioned a federal court with the aim of lifting a production embargo.
Besides this, Daimler went down on a report that the German motor vehicle authority KBA was probing the carmaker on suspicion that up to 60,000 Mercedes vehicles were fitted with software to trick emissions tests.
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!
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