Europe tanks at close amid COVID-19 fears
Stocks on European markets sank at the closing bell on Wednesday as the coronavirus outbreak continued to fuel selloff globally. Bank of France Governor Francois Villeroy de Galhau said he insists that the European Central Bank (ECB) must keep the interest rates low, given the current inflation level.
Data reported today by IHS Markit was also not encouraging. Germany Manufacturing Purchasing Manager’s Index (PMI) decreased by 2.6 in March while the Eurozone manufacturing PMI plunged to 44.5 in the same month. UK manufacturing PMI also went down to 47.8.
The DAX closed the session with losses of 3.94% with MTU Aero Engines plunging 10.12%. Meanwhile, the CAC 40 in Paris plummeted 3.95% driven by Safran’s losses of nearly 15%. The FTSE 100 dipped 4.28% as Carnival PLC lost over 19%.
The euro went down by 0.84% against the greenback, changing hands for 1.09403 at 5:34 pm CET. The pound fell 0.14% to sell for 1.23966 at 5:35 pm CET.
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