European markets turn to losses after Draghi speech

Friday, 18. November 2016 10:16

After a higher start, stocks in Europe turned to losses on Friday as European Central Bank President Mario Draghi said that a "significant degree of uncertainty" is still present in the euro area and that the bank intends to support the economy and "secure a sustained convergence of inflation towards a level below, but close to 2%."

The FTSE 100 declined 0.62% at 9:45 a.m. CET. The mining sector led the losses as Rangold Resources plunged 6.41%, Fresnillo dropped 4.91% and Antofagasta slid 4.15% at 10:02 a.m. CET.

The DAX edged down 0.16% at 10:03 a.m. CET. Energy companies suffered the largest losses. RWE lost 2.12%% and E.ON fell 1.40% at 10:06 a.m. CET.

The CAC 40 decreased 0.43% at 10:06 a.m. CET. The biggest loser was LafargeHolcim, sinking 2.13% at 9:52 a.m. CET after the company cut its mid-term profit outlook.

The euro was down 0.16% against the U.S. dollar to go for 1.0607 at 10:13 a.m. CET, after falling to a 12-month low against the greenback minutes earlier when it hit a session low of 1.0582. 

 

Image: EPA / Facundo Arrizabalaga

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Breaking the News / NP