After a day of
fluctuations, European stocks finally closed at their lowest levels
since September, extending losses after their worst weekly plunge in
more than four years.
The Stoxx Europe 600
Index erased its gain in the final hour of trading, falling 0.3 percent
at the close as commodity producers reversed advances. Germany’s DAX
Index, which heavily relies on exporters and was among the worst
developed markets last week, slipped 0.3 percent, after earlier climbing
as much as 1.3 percent.
European equities
tumbled last week as concern took over that China’s slowdown will hurt
the global recovery, even with the European Central Bank’s stimulus
supporting the region. After its worst-ever start to a year ever, the
Stoxx 600 went on to fall three more days, ending with a 6.7 percent
weekly plunge -- a bigger slump than the Standard & Poor’s 500 Index
and the MSCI Asia Pacific Index. With China being Germany’s
third-biggest trade partner, the DAX tumbled 8.3 percent.
Source: Bloomberg
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