European markets fell sharply on Friday, marked by persistent economic and political concerns. This instability is reflected in falling profits for luxury giants , while a global IT blackout is exacerbating investors’ fears.
European stock markets began Friday on a negative note, influenced by economic and political concerns. In Paris, the CAC 40 index opened down 0.27% at 7,565.88 points, and continued to fall to 7,536.3 points by 9:55 a.m., down 0.66%. At around 2 p.m., the flagship index stood at 7,549.98 points, down 0.48%.
Frankfurt’s DAX index gave up 0.46% in early trading, while the London and Milan stock exchange indices were also down. he decline was due in part to “technical problems” encountered by London stock exchange operator LSE, according to Bloomberg.
This negative trend could round off a difficult week, marked by a 2. 5% weekly decline for the CAC 40, partly due to the mediocre performance of companies in the luxury goods sector, affected by concerns about the Chinese economy.
Indeed, falling profits at Swatch and profit warnings from Burberry and Hugo Boss sent the European giants of the sector tumbling, causing them to lose over 40 billion euros in capitalization in two days. À World leader LVMH alone saw its value fall by more than 18 billion euros.
Global IT year
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