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3/26, 9:00 AM (Source: TeleTrader)
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Europe opens in red as coronavirus spreads

Major stock markets in Europe opened lower on Thursday driven by concerns regarding the spread of the coronavirus through the continent. German Gfk said earlier today that German consumer confidence dropped significantly in March due to the coronavirus pandemic. According to data, the consumer climate indicator slid to 2.7 compared to the February figure of 8.3, its lowest since May 2009. The UK Office for National Statistics stated that retail sales in the United Kingdom decreased by 0.3% on a monthly basis in February, missing the estimates. Investors are also waiting for the Bank of England to decide on the interest rate later today.

The FTSE 100 dropped 2.76% at 9:01 am CET. Rsa Insurance Group plc fell 6.57%. The DAX lost 1.99%, at 9:05 am CET with Wirecard AG as the worst performer falling by 4.86%. The CAC 40 was 1.95% lower at the same time with STMicroelectronics falling by 3.21%.

The euro rose 0.39% against the dollar at 9:03 pm CET, selling for $1.0922. The pound also increased against the greenback by 0.30%, changing hands for $1.1931.

Breaking the News / TF