Stocks in Europe fell across the board on Thursday as investors expected US jobless data to show that an all-time record number of people filed for unemployment benefits amid the coronavirus pandemic.
The pan-European STOXX 600 index (^STOXX) declined by around 1.8%.
London’s FTSE 100 (^FTSE) fell by almost 2.3% ahead of Thursday’s Bank of England meeting, with some analysts expecting further stimulus measures from the central bank.
Germany’s DAX (^GDAXI) was down by around 2.5%, while France’s CAC 40 (^FCHI) was 2.2% in the red. Stocks in Italy and Spain also declined.
Analysts expect a jobless figure in the millions, with some estimating that as many as 4 million Americans signed on for unemployment benefits last week, up from 281,000 in the previous week.
Read more: UK high street struggling even before the coronavirus crisis hit
Consensus estimates suggest that 1.6 million people filed a claim with state unemployment agencies, reflecting the spiralling impact of the pandemic.
The declines came even after the US senate unanimously passed a $2tn (£1.65tn) fiscal stimulus package designed to curb the economic effects of the virus.
Futures were also pointing to a lower open for US stocks on Thursday.
S&P 500 futures (ES=F) declined by around 1.8%, Dow Jones Industrial Average futures (YM=F) fell by more than 1.4%, while Nasdaq futures (NQ=F) were down by around 1.5%.
“The coronavirus crisis has thrown economic orthodoxy up in the air in the past few weeks, as investors fret about the effect on consumer confidence and unemployment, the economic disruption and lockdowns are likely to have on the UK, as well as the global economy,” said Michael Hewson, the chief market analyst at CMC Markets UK.
The weak opening in Europe followed losses for stocks in Asia, where leaders are increasingly fearful about a fresh wave of coronavirus cases.
Read more: Zoopla warns coronavirus will paralyse UK property market
The governor of Tokyo has called on people in the city to stay at home this weekend “at all costs” in order to prevent an “explosion” in cases in Japan, while fears grew about the impact of the pandemic on Hong Kong’s health system.
China’s SSE Composite Index (^SSEC) fell by 0.6% on Thursday, while the Hang Seng (^HSI) was down by more than 0.7% in Hong Kong at market close.
Japan’s Nikkei (^N225) fell by 4.5%, while the KOSPI Composite Index (^KOSPI) in South Korea closed almost 1.1% in the red.
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2020-03-26 08:43:00Z
https://finance.yahoo.com/news/coronavirus-european-stocks-sink-as-markets-await-us-unemployment-figures-084318090.html
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