Stock market is bleeding: what do you need to know
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?
Tech sector suppresses European equities on busy earnings day
On Friday, European stocks were led lower by tech equities because they tracked losses among global counterparts, reacting to an earning miss at Amazon. Meanwhile, a flurry of company results didn’t managed to ensure support.
The region's tech index, this year’s number one performer, lost 1.5%, assisting to put pressure on the pan-European STOXX 600, making it lose 1.1%. In the UK the FTSE 100 sank 0.5%, while lately penalized by a strong euro export-orientated German blue-chips went down 0.7%.
The STOXX is braced for concluding the month down 0.3%, with a weekly 0.5% dip.
France’ data disclosed that the euro zone's second-largest economy inched up 0.5%, just as expected, underpinned by a soar in exports.
As Thomson Reuters IBES data states, nearly 40% of companies in the MSCI Europe index have posted outcomes with 52%, thus defying earnings estimates. As for second-quarter earnings surge, it will probably account for 19.7%.
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What is pulling the stocks down?
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
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Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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