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European shares slipped on Friday as market fears were reignited following a disappointing report over the unsuccessful development of a potential COVID-19 treatment.
The pan-European STOXX 600 index slipped by 1.1% at 0719 GMT, while London’s FTSE lost 1.3% after data showed U.K. retail sales plunging in March.
Global equity markets’ outlook remained gloomy after U.S. biotech firm Gilead Sciences Inc failed to produce positive results for an experimental drug to treat COVID-19 patients. However, the company deemed its findings inconclusive as the study was terminated early.
All major European sectors declined in early trading with the banking index taking the brunt of the hit. The drop comes as S&P slashed Commerzbank’s credit rating and lowered its outlook for Deutsche Bank from stable to negative.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
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