Europe drops in premarket as DAX sinks over 300 pts

Thursday, 27. February 2020 07:36

European stocks traded lower in the premarket on Thursday, with the DAX sinking over 300 points amid the beginning of the coronavirus outbreak in Germany. Gilead Sciences informed that, in an attempt to find a cure, it will start testing its drug Remdesivir on patients in March. In business news, Standard Chartered reported a 6% loss to its annual net interest income in the fourth quarter of 2019.

The DAX plunged 2.63% at 7:30 am CET, while the FTSE 100 dropped 2.56% at the same time. A minute later, the CAC 40 plummeted 2.47%.

On the other hand, the euro gained 0.23% against the dollar to go for $1.09105 and the pound increased by 0.15% compared to the greenback, changing hands for $1.29282 at 7:34 am CET.

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Breaking the News / ND