TELETRADER News
8/20/2020, 9:00 AM (Source: TeleTrader)
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Europe drops on open after Fed voices recovery concerns

European markets opened deep in the red on Thursday as fresh concerns emerged over the pace of the economic recovery from the coronavirus shock after the US Federal Reserve warned the road to recovery is highly uncertain. Meanwhile, investors are awaiting the European Central Bank's (ECB) monetary policy meeting accounts scheduled for release later in the day.

The FTSE 100 fell 1.20% at 9:00 am CET with Evraz, down 5.47% at 9:01 am CET, leading the losses. The CAC 40 slid 1.26% at 9:00 am CET as Unibail-Rodamco lost 3.56% at 9:01 am CET.

The DAX dropped 1.14% at 9:01 am CET. The worst performer was Wirecard, which dived 3.36% ahead of its exit from the index next week. The payments company was kicked out of DAX under new rules which require insolvent firms to be removed from the index and is set to be replaced by Delivery Hero on Monday.

The euro added 0.13% against the dollar to sell for 1.18557 at 9:07 am CET, while the British pound declined 0.18% compared to the US currency to go for 1.30756 at 9:08 am CET.

Baha Breaking the News (BBN) / NP