Europe opens lower on economic worries

Wednesday, 02. December 2020 09:01

Major stock markets in Europe traded lower at the opening on Wednesday amid the uncertainty of the speed and progress of economic recovery from the effects of the coronavirus pandemic. European Central Bank (ECB) President Christine Lagarde warned of a continued decline in output. Traders are also waiting for the latest results in producer prices and the unemployment rate in the European Union that are to be revealed later in the day.

The DAX traded 0.38% lower at the opening as Volkswagen AG decreased by 1.48%. The FTSE 100 dropped by 0.18%, with Taylor Wimpey PLC going down by 3.43%. The CAC 40 declined by 0.33%, as Publicis Groupe SA fell by 2.69%.

The euro rose by 0.11% against the dollar to sell for $1.20849 at 8:58 am CET. At the same moment, the pound sterling lost 0.17% to the United States' currency to exchange hands for $1.34038.

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Breaking the News / JR