European stocks snap 4-day rally on profit taking

2020-02-07 11:54:09 GMT (Economies.com)
European stocks snap 4-day rally on profit taking

European stocks fell on Friday, as the week winds down, to pause their 4-day rally and pull back from record highs on profit-taking, while investors' focus turned to the latest developments in the coronavirus outbreak in China.

 

The Stoxx Europe 600 index was lower by 0.1% at 09:10 GMT, after it closed higher by 0.4% yesterday, and posted its all-time high of 426.70 points.

 

Yesterday's gains after China unveiled a tariffs cut by half on US imports worth $70 billion starting from Feb. 14, and better than expected Q4 earnings results by major European companies and banks.

 

The European pan index opened today's session lower, to pause its 4-day rally and pull back from record highs on profit-taking, with most of the major European exchanges and sectors falling today.

 

The automotive sector saw the sharpest losses today, after it dropped more than 1.3%, on fears of the coronavirus impact on the world's largest auto market.

 

The Chinese health authorities revealed today that the coronavirus has infected 31,161 people, and its deaths toll rose to 636 victims.

 

S&P 500 futures fell 0.2% today, after the index closed higher by 0.3% yesterday at Wall Street, posting its fourth daily gain and its all-time high of 3,347.96.

 

Back to Europe, the Euro Stoxx 50 index dipped 0.4%, the German DAX fell by 0.3%, France's CAC 40 fell by 0.1%, and the UK's FTSE 100 lost 0.25%.

 
 
 
  Symbol Last Change Chg.%
1.1135
0.0430
4.0163%
1.2455
0.0809
6.9509%
Tadawul
6376.62
49.70
0.79%
14.446
1.863
14.810%
21.828
-1.600
6.830%
24.84
-1.50
5.69%
1620.150
122.735
8.197%
 
 
US
 
Europe
 
Asia