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The darkest week since the financial crisis is coming to European stock exchanges

2020-02-28T09:21:07.987Z

Stock market momentum continues on European stock exchanges today. On Thursday, the New York Stock Exchange collapsed by more than 4 percent, and on Friday, Asian stock exchanges also saw a strong drop.



This week's fall in stock prices is becoming the deepest in European stock markets since the financial crisis in 2008. Prices have started to fall again on Friday.

Fears about the spread of the coronavirus and its impact on the economy have scared investors around the world. The fear is that the world economy could even fall into recession.

The Stoxx 600 stock index was down 2.7% in the morning. Currently, the index is nearly 13 percent below its all-time high.

The biggest drop is in mining companies, equities in tourism and technology companies.

The sharpest downturn was IAG, which owns British Airways, which said the coronavirus would hit it this year.

Other daily profit warners include German Basf.

- Impact on services - mainly tourism - can lead to a mini-recession in some areas, such as New Zealand, Italy and Thailand, wrote Jefferies equity strategist Sean Darby.

  • Also read: Finnair issued earnings warning - Coronavirus paralyzed air traffic

  • Read also: Heavy stock market plunge continues - Tokyo Stock Exchange crashes in New York wake

  • Read also: Finnair's share plummeted - Helsinki Stock Exchange opened strongly with a negative

Source: isfi

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