European stocks close mostly lower on COVID-19 impact

Tuesday, 10. March 2020 17:40

Major European stock markets closed mostly in red on Tuesday after Monday's plunge caused by wide-spreading coronavirus and Italy being called "a new China." United States Centers for Disease Control and Prevention Director Robert Redfield said that the epicenter of the coronavirus has moved from China, where the disease originated, to Europe. Several of Europe's largest countries reported a surge in COVID-19 cases over the past few days. Italy remained the most affected European country with over 9,172 cases, followed by Spain, France and Germany which all reported over 1,000 cases.

Meanwhile, Eurostat reported that seasonally adjusted gross domestic product (GDP) in the euro area increased by 0.1% in the fourth quarter of 2019 compared to the previous three months.

The DAX was down 0.22% in the last moments of trade. E.ON SE NA O.N. was the worst performer falling by 4.65%. Meanwhile, the CAC 40 fell 0.44% with the TechnipFMC plc falling 8.11%. The FTSE 100 was up 1.14% led by Evraz Plc that grew by 8.22%.

The euro fell 0.87% against the dollar at 5:31 pm CET, buying 1.13413, while the pound lost 1.36% versus the US currency to go for 1.29421.

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Breaking the News / TF