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European Shares Mostly Down, Only Italy’s FTSE MIB Gains

European stock markets for a 5th session on Wednesday in a row, as investors had concerns regarding the growing impact of a rapid-spreading Chinese virus has pushed firms from all-over the world to sound the alarm on earnings.

european stocks drop italys index risesPhoto: Reuters

Main equity benchmark of the region STOXX 600 decreased by 0.93 percent, to 400,84 at 1211 GMT, registering its first 5-day losing streak since July 2019.

That followed a grim session for Asia and Wall Street overnight after U.S. health officials delivered a warning that Americans should be prepared for possible community spread of the Covid-19 virus as it reached Spain and dozens of locations from South Korea to Italy.

The past 4 sessions had seen about $3 trillion erased the value of global stocks, with economists reconsidering downwards growth forecasts and firms warning of lower earnings due to the virus.

  • Germany’s DAX dipped by 1.02 percent, to 12,659;

  • CAC 40 lost 0.81 percent, to 5,633 at 1244 GMT;

  • Italy’s FTSE MIB gained 0.50 percent, to 23,205;

  • Spain’s IBEX 35 slipped by 0.18 percent, to 9,234.

  • British FTSE 100 lost 0.70 percent, to 6,968;

UK’s spirits maker Diageo decreased by 1 percent after highlighting an estimated blow to fiscal 2020 profit from Chinese virus of up to £200 million ($260 million).

Danone securities also cut its 2020 forecast for sales and profit margin, pointing out an uncertain economic climate and the coronavirus.

Source: Marketwatch


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