(RTTNews) – European stock markets opened down on Friday and remained red on trading day, ending in red for the time of the consecutive session.
The declines are due to weak Chinese data, stagnant US fiscal stimulus, and new quarantine regulations in the UK that have created uncertainty about the evolution of the coronavirus pandemic.
Germany’s DAX fell 92.37 points, or 0.71%, to 1,2901.34, while London’s FTSE dropped 95.58 points, or 1.55% to 1,090.04, and France’s CAC 40 fell 79.45 points, or 1.58%, to 4,962.93.
In Germany, Wirecard fell by 5.61%, while thyssenkrupp fell 1.87%, Deutsche Lufthansa skated by 1.78%, Heidelberg Cement fell 1.45%, Siemens fell 1.04%, Deutsche Post lost 0.71%, Deutsche Telekom lost 0.20% and Deutsche Bank 0.05%.
In France, Accor fell 3.93%, Veolia Environnement skidded 2.18%, Compagnie de Saint-Gobain by 1.94%, Sanofi fell 1.76%, Peugeot 1.34%, Crédit Agricole 1.32%, Societe Generale by 0.94% and BNP Paribas. fell 0.89 percent.
In economic news, the eurozone economy contracted at record speed this quarter due to containment measures taken through member countries for the spread of coronavirus, Eurostat showed on Friday. Gross domestic product fell 12.1% in the quarter of the moment, following a 3.6% drop in the first quarter. This is the biggest decline since the series began in 1995.
In addition, employment in the euro fell at a record rate in the current quarter, as the imposition of coronavirus containment measures led the bloc to a historic recession, Eurostat added.
It is very likely that Germany’s economic and economic will take a long time, the Ministry of Economy said Friday in its monthly report. The economy has started doing so since May. The ministry said GDP will grow strongly in the third quarter. However, the procedure will be slow and will take a long time to complete, the ministry added.