Europe eyes first weekly gain in 6 weeks on global stimulus

European stocks fell on Friday, to snap the 3-day strong rally, but still on the cusp of weekly gains for the first time in a month and a half, lifted by successive global stimulus measures to ease the economic impact of the coronavirus rapid spread.

The Stoxx Europe 600 index fell 3.2% as of 10:58 GMT, after it closed higher by 2.6% yesterday, its third straight daily gain, on optimism over the the huge US stimulus aid package.

The index opened today's session lower, to resume losses after rising for 3 days, with most European exchanges and sectors seeing red today.

The travel and leisure sector saw the largest losses in Europe today, as its stocks dropped more than 3%, as oil prices dropped once again, followed by the energy sector's drop by 2.5%.

The European Union leaders will hold a video conference summit to respond to these developments in the pandemic, amid criticism of their lack of coordination to address the crisis.

The Stoxx Europe index gained 7.5% during this week, heading for its first weekly gain in a month and a half, thanks to successive global stimulus measures to ease the impact of the coronavirus outbreak.

The US Senate passed a $2 trillion stimulus aid package on Wednesday, and the bill was transferred to the House of Representatives for a vote later on Friday.

S&P 500 futures fell 3%, after the index closed yesterday higher by 6.25% yesterday at Wall Street, its third straight daily gains, on improved market sentiment after the Senate ratified the huge stimulus package.

As for European stocks, the Euro Stoxx 50 index fell 3.3%, France's CAC 40 lost 3.7%, the German DAX fell by 2.5%, and the UK's FTSE 100 dipped 4.2%.