European markets plummet amid global selloff, banks lead losses
Seeking Alpha News (Fri, 04-Apr 11:46 AM)
Update: The revised post reflects European markets closing indices.
London (UKX) -4.95% to 8,055. New car registrations in the United Kingdom surged 12.4% Y/Y to 357,103 units.
Germany (DAX:IND) -4.95% to 20,642. The HCOB Germany Construction PMI fell further to 40.3 in March. Factory orders in Germany stagnated from the prior month in February.
France (CAC:IND) -4.26% to 7,275. Industrial production in France rose by 0.7% M/M in February.
The HCOB Eurozone Construction PMI rose to 44.8 in March.
The pan-European Stoxx 600 (STOXX) edged 5.12% lower to 496.3, marking an 8% weekly loss, the worst since March 2022, amid fresh US tariffs and growing recession fears. U.S. President Donald Trump imposed a 20% tariff on EU imports, prompting European leaders to warn of countermeasures and urge businesses to reconsider their investments in the U.S.
European banks bleed amid a deep selloff in equities, Deutsche Bank (DB), Spain's Banco de Sabadell (OTCPK:BNDSF) (OTCPK:BNDSY), and BPER Banca (OTCPK:BPXXY) dropped more than 5%.
In the bond market, the U.S. 10-year Treasury yield was down 13 basis points to 3.93%.
Germany's 10-year yield was unchanged at 2.57%.
UK's 10-year yield was unchanged at 4.43%.
Upcoming week's economic calendar: Retail sales in the Eurozone and industrial production in Germany are under focus, while the UK's monthly GDP report is anticipated to show a modest economic recovery in February. In the US, CPI and PPI data will provide insights into the impact of tariffs on inflation.
Currencies: (EUR:USD) (GBP:USD) (CHF:USD)
ETFs: (NYSEARCA:EWG), (NYSE:GF), (NYSEARCA:EWI), (NYSEARCA:EWQ), (NASDAQ:FGM), (NASDAQ:DAX), (NYSEARCA:FLGR), (NYSEARCA:FXB), (NYSEARCA:EWU), (NASDAQ:FKU), (BATS:EWUS), (NYSEARCA:FLGB), (NYSEARCA:GREK).
Seeking Alpha Editor Khushi Singh contributed to this article.
