Europe closes in red after OPEC downgrades outlook

Thursday, 14. November 2019 17:30

Major European stock markets finished Thursday's trading session in the red amid trade-related uncertainties and fears of an economic slowdown. The Organization of the Petroleum Exporting Countries (OPEC) downgraded the Eurozone economic outlook for 2020. German Minister for Economic Affairs Peter Altmaier warned the country's economy remained unstable after Destatis's data showed Germany's GDP grew 0.1%. Meanwhile, Eurostat reported the European gross domestic product increased at 0.2% in the third quarter, while employment improved 0.1%. Retail sales in the United Kingdom were 0.1% lower in October according to the country's Office for National Statistics.

The FTSE 100 lost 0.80% at the end of the session as 3I Group plc tumbled 4.36%. The DAX dropped 0.38%, with Daimler AG surrendering 4.48%. The CAC 40 decreased 0.10% as ArcelorMittal SA dipped 2.62%.

The euro traded unchanged against the dollar to sell $1.10118 at 5:29 pm CET, while the pound rose 0.21% to $1.28796 at the same time.

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Breaking the News / MD