Europe Stocks Dip As Virus Infections Top One Million

Europe stocks dip as virus infections top one million

Europe's stock markets slid in early deals on Friday as global novel coronavirus infections topped one million and the death toll surpassed 50,000

London, (UrduPoint / Pakistan Point News - 3rd Apr, 2020 ):Europe's stock markets slid in early deals on Friday as global novel coronavirus infections topped one million and the death toll surpassed 50,000.

In initial deals, London's benchmark FTSE 100 index of major blue-chip firms erased 1.3 percent to 5,410.95 points compared with Thursday's close.

In the eurozone, Frankfurt's DAX reversed 0.8 percent to 9,492.91 points and the Paris CAC 40 shipped 1.1 percent to 4,175.30.

Milan's FTSE Mib shed 1.5 percent to 16,583.33 and Madrid's IBEX 3 dropped 0.8 percent to 6,523 points.

"COVID-19 cases hit one million, and we may be just at the beginning of a much wider contagion," Swissquote Bank analyst Ipek Ozkardeskaya told AFP.

"The short-term impact of the coronavirus tragedy is straightforward: a complete shutdown of businesses worldwide is taking a heavy toll on the global economy.

" Investors were meanwhile awaiting key non-farm payrolls data in the United States, the world's top economy, which is being hit hard by COVID-19.

Traders absorbed this week's data showing a whopping 6.7 million US workers applied for unemployment benefits last week, on top of the 3.3 million the week before as the coronavirus forced businesses nationwide to close their doors.

"We may see a much bigger-than-expected decline in US nonfarm payrolls in March, given that the expectations could not adjust to the rapidly evolving situation in the US, and the amplitude of a gradually-halted economic activity across the States," added Ozkardeskaya.