Key EU stock indexes head south

Key EU stock indexes head south

On Tuesday, European stock indexes went down in the morning in the face of new fears about the risk of an exit from the eurozone of Italy as well as political turmoil in Spain.

The European Stoxx 600 index went down by about 1.3% during the morning session, with all sectors along with large exchanges seen diving.

Among the national indices, the Italian FTSE MIB edged down nearly 3% right after the opening of the financial markets in the face of renewed political turmoil. The number three economy of the European Union was without the government since the latest vote in early March, when anti-establishment political groups gave up their efforts to build up a coalition over the weekend amid a dispute with the head of state.

In addition to this, IBEX Spain 35 also went down by more than 2.4% after the breaking news, according to which on Friday the Prime Minister of this European country named Mariano Rajoy might face a vote of confidence in his leadership. The given statement definitely worsened the political volatility of southern Europe.

In the European Union the banking index led losses on Tuesday morning, sinking more than 2% with Italian as well as Spanish lenders among the biggest losers. As a matter of fact, Banco Santander, Intesa Sanpaolo as well as Ubi Banca demonstrated a dive of more than 3.5% during the morning trading session. Besides this, the eurozone banking index is ready to come up with its most impressive one-day sag for 21 months.

As for individual stocks, Dixons Carphone went down to the bottom of the European index right after it issued a profit warning. So, the UK retailer told that in the current year, its revenue will decline by about 21%, while up to 92 offline stores have already closed. Its equities lost more than 18% on this news.

 

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