Europe closes in red after discouraging data

Wednesday, 13. May 2020 17:30

European stock markets closed lower on Wednesday after it was reported that industrial production in the Eurozone plunged 11.3% in March compared to the previous month due to the coronavirus outbreak. Also, the United Kingdom's total trade deficit, excluding non-monetary gold and other precious metals, contracted by £1.3 billion in the three months. UK's gross domestic product (GDP) also dropped 2% in the first quarter of 2020. Meanwhile, German Chancellor Angela Merkel warned that the coronavirus pandemic will continue to impact people's everyday lives in the foreseeable future.

The FTSE 100 finished trading 1.58% lower as Carnival PLC leading the losses with 11.05% fall. The DAX sank 2.56% or 276 points at the closing bell. Continental AG was the biggest loser dropping 7.63% at 17:35 pm CET. The CAC 40 plunged 2.86% with Publicis Groupe falling 8.06% at the same time.

The euro lost 0.06% versus the dollar to sell for $1.08414 at 5:33 pm CET, while the pound concurrently dropped 0.26% compared to the greenback to go for $1.22251 at the same time.

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Breaking the News / TF