Market Overview

European Markets Today: Shares Continue Downward Trend

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European Markets Today: Shares Continue Downward Trend

Major European indices continue to slip downward on Tuesday after stocks tumbled across the globe on Monday. The Dow and the S&P 500 futures are trading near-flat on last check Tuesday.

The rise in the number of global coronavirus cases is a threat to the worldwide economy, the effect of which is evident across European stocks, following the decline in Asia.

Euro Stoxx 50 benchmark is trading 0.31% lower at press time, on top of a 2.9% plunge on Monday. Loans to non-financial corporations increased by 7.1% year-over-year, maintaining at the last month's rate. Loans to the private sector grew by 3.1% YoY.

London's FTSE 100 is hugging the flat line in early Tuesday's trade. Bank stocks are surging, offset by the decline in industrial, consumer, travel, and technology stocks. Distributive trades survey data for October and shop price index numbers are scheduled to release Tuesday.

Germany's DAX is inching downwards by 0.19%. Banks and software stocks have advanced in early trade, more than offset by declines in financial, consumer, and industrial stocks. The business climate index declined to 92.7 on Monday, missing the consensus of 93. The business expectations index for October fell to 95, widely missing the consensus of 96.5.

France's CAC 40 index has plunged 1.26% in Tuesday's trade after the number of daily COVID-19 cases hit a record on Monday. All sectors are trading lower, with energy and bank stocks leading the decline. Investors will be watching the total jobseeker numbers scheduled to release late Tuesday.

Spain's IBEX index is trading 0.84% lower after starting the day in the positive territory. The Spanish unemployment rate spiked to an astonishing 16.26%, more than the consensus of 15.9%. All sectors except banks are declining.

Forex Trading: U.S. Dollar Index futures are near flat at 92.052. The dollar is flat against the Euro at $1.1808 and has gained 0.05% against the Sterling to $1.3016.

 

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