Tuesday, 13 April 2021

European stocks sink at open on second wave threat

LONDON: European stock markets lost more than two percent in opening deals on Monday, as investors fretted over a second wave of coronavirus infections that could derail economic recovery.

In initial trade, London’s benchmark FTSE 100 index of blue-chip companies slid 2.2 percent to 5,970.86 points.

In the eurozone, Frankfurt’s DAX 30 index sank 2.7 percent to 11,630.85 points and the Paris CAC 40 also lost 2.7 percent to 4,707.04.

Milan’s FTSE Mib shed 2.7 percent to 18,386.29 and Madrid’s IBEX 35 dropped almost 3.0 percent to 7,077.10 points.

While European nations press ahead with reopening economies after months of strict shutdowns, there are signs that the deadly disease is coming back in China and seeing a resurgence in the United States too.

“Investors are waking up to the threat of a second wave and the damage that it could cause to the global economic recovery,” said City Index analyst Fiona Cincotta.

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