4/8, 5:31 PM (Source: TeleTrader)
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Europe closes in red, COVID-19 remains in focus

European shares ended the Wednesday session in the negative territory, as the coronavirus crisis dominated the news following the report from the UK, which posted a record high of 936 new COVID-19 deaths in one day. Furthermore, a disagreement among the European finance ministers who failed to reach a consensus on the bloc's economic response to the coronavirus crisis added to overall market uncertainty.

Elsewhere, the World Trade Organization forecasted a major plunge in the global trade of up to 32% in 2020, while Germany's economy is seen likely to tumble by 9.8% in the second quarter of this year, according to Timo Wollmershaeuser of the Munich-based Ifo institute.

Germany’s benchmark DAX dropped 0.30% at the closing bell, lead by a 3.08% decline of Siemens' stock, while the CAC 40 fell 0.57%. The FTSE 100 closed down 0.85% as Aviva lost 5.92% at the same time.

On the currency front, the euro traded 0.17% lower against the greenback, while the pound gained 0.68% versus the dollar at 5:34 pm CET.

Breaking the News / BJ