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European shares retreat after biggest three-day surge ever

Published 27/03/2020, 09:25
European shares retreat after biggest three-day surge ever
FRVIA
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SXEP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
March 27 (Reuters) - European shares tumbled in early
trading on Friday after a stunning three-day rally sparked by
hopes of more aggressive stimulus to shore up the global economy
ravaged by the rapid spread of the coronavirus pandemic.
The pan-European STOXX 600 index was down 1.8% at 0808 GMT,
but still on course for one of its best weeks since the global
financial crisis.
The benchmark index has recovered almost 17% since hitting a
low on March 16, but remains more than 26% below its all-time
high last month in a rout that has erased more than $3 trillion
from the value of European firms.
With the pandemic still far from contained in Europe, the
bloc has suspended state aid rules and limits on public
borrowing and approved $40 billion worth of emergency funds to
help airlines, among the hardest hit sectors in the global
emergency. After leading the rebound this week, travel and leisure
stocks .SXTP fell 3%. Energy stocks .SXEP were down 2.9% as
oil erased early gains. O/R
French car parts company Faurecia EPED.PA shed 5.2% after
abandoning its financial outlook due to the hit to its business
from the health crisis.

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