Europe in red as EU fails to agree on COVID-19 response
European stocks opened lower on Wednesday after European finance ministers failed to reach a consensus on the bloc’s economic response to the coronavirus crisis following 16 hours of discussions. The major sticking point in talks have been corona bonds, common debt instruments pushed by France, Italy, Spain, and six others to help finance massive public spending and stimulus packages amid the crisis. The Bank of France also announced that, according to its estimations, the national economy shrank 6% in the first quarter
The European Central Bank said earlier it was temporarily implementing a “set of collateral measures to mitigate the tightening of financial conditions across the euro area.”
The DAX opened 0.74% lower at as Deutsche Post AG lost 2.63% at 9:02 am CET. The FTSE 100 fell 1.31% in the first minute of trading. Rolls-Royce Holdings PLC was the worst trading stock on the index as it fell 7.12% at 9:01 am CET. The CAC 40 was down 1.07% at 9:03 am CET with Unibail-Rodamco-WE declining 4.65% at 9:02 am CET.
The euro declined 0.29% to 1.08602 against the dollar at 9:04 am CET and the pound lost 0.15% compared to the greenback to go for 1.23126 at 9:04 am ET.
Get involved!
Comments