Europe closes significantly lower on economic worries

Thursday, 11. June 2020 17:30

Major European stock markets finished trading on Thursday lower as investors focused on the economic fallout of the coronavirus pandemic. French INSEE reported over half a million jobs in the country were cut during the first quarter due to the pandemic. Meanwhile, in business news, media claimed the European Commission was preparing to press antitrust charges against Amazon.com Inc. Deutsche Lufthansa AG announced it will cut 22,000 jobs because of the crisis.

The FTSE 100 in London dropped 3.99% at the closing bell. Carnival plc was the worst performer on the index, losing 11.44%. In Frankfurt, the DAX declined 4.46% concurrently, with Lufthansa sliding 9.09%. The CAC 40 in Paris was down 4.71% as Groupe Renault tumbled 12.82%.

The euro was flat against the dollar at 5:29 pm CET, going for $1.13850. At the same time, the pound fell 0.76% to $1.26518.

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Author:
Breaking the News / MD