FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1724
BTC/USD
42 303.99
GBP/USD
1.3654
USD/JPY
109.5515
USD/CHF
0.9242
USD/CAD
1.2784
EUR/JPY
128.4327

Europe Weakens as Coronavirus Victims Top One Million


3 April 2020

European stock markets pushed lower Friday, as investors reacted nervously to the number of global coronavirus cases topping one million while U.S. unemployment soared.

At 4 AM ET (0800 GMT), the U.K.'s FTSE index traded 1% lower, France's CAC 40 was down 0.6%, while the DAX fell 0.4%. The broader based Stoxx 600 Europe index dropped 0.3%, on course to end the week roughly unchanged.

The pandemic has shown few signs of abating Friday, with global cases surpassing one million, and more than 53,000 deaths. The pandemic has spread further in the United States and the death toll climbed in Spain and Italy to 10,000 and 13,000 respectively.

In corporate news, shares in Hennes&Mauritz  (ST:HMb) climbed 6% despite the world's second-biggest clothing retailer reporting a 46% plunge in March sales as the coronavirus forced the closure of most of its shops. 

The Swedish company also said it expected to be able to cut operating expenses by around 20–25% in the second quarter while it slashed its planned capital spending for 2020 to 5 billion kronor ($494 million) from 8.5 billion.

Shares in BAE Systems (LON:BAES) dropped 1% after saying it would defer a decision on whether to pay its dividend after seeing significant disruption from coronavirus in recent weeks.

Additionally, shares in Banco Santander (MC:SAN) dropped 2.5% and BNP Paribas (PA:BNPP) fell 3.3% after they announced that they would be following many of their European peers in cancelling their final dividends for 2019.

This follows the European Central Bank asking banks not to pay dividends until October in order to conserve cash. Authorities are desperate to stop a crisis in the real economy infecting the financial system too.

There’s more U.S. employment data to come at 8:30 AM ET (12:30 GMT), after Thursday’s shocking 6.6 million filing jobless claims, in the form of the official jobs report for March. 

However, the cut-off date for this data is the week of March 12, before any major U.S. state had gone into lockdown. For that reason, economists are expecting a drop in nonfarm payrolls of just 100,000, according to forecasts compiled by .

There are a number of important economic numbers due Friday, aside from the U.S. payrolls release, including services PMI data in the eurozone and ISM non-manufacturing PMI in the U.S. These are set to provide more information about the impact of the business lockdowns in the respective regions.

The oil market will also be in focus after Thursday’s sharp gains on the back of talk that Russia and Saudi Arabia will put their differences aside to organise a cut to global supply.

At 4 AM ET U.S. crude futures traded 0.8% higher at $25.52 a barrel. The international benchmark Brent contract rose 4.9% to $31.41.

Elsewhere, Gold futures fell 0.3% to $1,632.20/oz after a late rally on Thursday, while EUR/USD traded at 1.0790, down 0.6% on the day.

#source

Related

Stock Futures Trade Sharply Lower
Stock Futures Trade Sharply Lower

Futures in the United States and in Europe are trading sharply lower as investors worry about the domino effect of Evergrande’s massive plunge on the Chinese property market..

21 Sep 2021

Oil market: the unbalanced demand and supply
Oil market: the unbalanced demand and supply

Oil prices climbed to higher grounds in the most recent daily sessions adding further to its upward momentum formed so far in September. The Oil market is running...

21 Sep 2021

US Markets lost major support, Asian Indices are melting
US Markets lost major support, Asian Indices are melting

Global markets closed last week on the back foot, and no significant positive factors emerged in Asian trading, increasing the flight to safety. The Hang Seng lost...

20 Sep 2021

US Retail sales and other data has supported Dollar
US Retail sales and other data has supported Dollar

The US Retail sales notably exceeded expectations, adding 0.7% in August vs an expected 0.7% decline. The increase to August last year is an impressive 14.9%...

17 Sep 2021

Geopolitics Fire Up Up and Cryptos Are Booming
Geopolitics Fire Up Up and Cryptos Are Booming

Futures in the United States and Europe are trading lower today as investors are worried about the new security agreement between the U.S., the U.K. and Australia...

16 Sep 2021

UK inflation surges, stocks struggle
UK inflation surges, stocks struggle

European markets flat at the open this morning as UK inflation surged to a record high in August and Chinese economic data was soft. China’s retail sales fell to...

15 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.