2024-08-05 23:33:39
European stock markets closed today’s trade with a serious decline in indices, although by the end of the day they managed to cover some of the losses accumulated earlier, reports CNB. The collapse is part of a large-scale global stock market volatility caused by fears that the US is entering a recession, writes BTA.
The FTSE 100 index on the London Stock Exchange fell 176.51 points, or 2.16 percent, to 7,998.51.
In Frankfurt, the DAX lost 343.64 points, or 1.95 percent, to 17,317.58.
The Paris CAC 40 fell 117.02 points, or 1.61 percent, to 7,134.78 points.
The pan-European Stoxx 600 registered a 2.2 percent drop, after falling more than 3 percent at times earlier in the day. All sectors and stocks were convincingly in the red, with oil and gas and utilities stocks the biggest losers, losing more than 3 percent. Technology companies pulled out of the hole they had entered in early trade and ended the day down 1 percent.
According to analysts, the reasons for the crash, which affected all world stock markets, are several – fears of a recession in the US, the reluctance of the Federal Reserve to reduce interest rates further, the hawkish approach of the Bank of Japan and the ongoing revaluation in the technology sector.