Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Turkish turmoil, Germany lockdown extension hit European stocks

Published 22/03/2021, 09:23
© Reuters.
USD/TRY
-
UK100
-
FCHI
-
DE40
-
INGA
-
BNPP
-
BBVA
-
KGF
-
CRDI
-
STOXX
-
SXTP
-

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 22 (Reuters) - A slump in Turkey's lira and worries
about prolonged lockdowns in Germany pushed European stocks
lower on Monday, with banks and travel shares taking the biggest
hit.
The pan-European STOXX 600 .STOXX fell 0.5% by 0806 GMT,
down for the second straight session after hitting a one-year
peak last week.
The global mood soured as the Turkish lira dropped to a
record low after President Tayyip Erdogan replaced a hawkish
central bank governor with a critic of high interest rates over
the weekend. Euro zone banks exposed to the country such as Spain's BBVA
BBVA.MC , Italy's UniCredit CRDI.MI , France's BNP Paribas
BNPP.PA , and Dutch bank ING INGA.AS fell between 1.6% and
5.2%.
Travel stocks .SXTP also dropped as a draft proposal seen
by Reuters showed Germany was set to extend a lockdown to
contain the COVID-19 pandemic into its fifth month. The German DAX .GDAXI was down 0.5%, while France's CAC 40
.FCHI fell 0.9% and UK's FTSE 100 .FTSE dropped 0.8%.
British home improvement retailer Kingfisher KGF.L rose
3.6% after it reported a 44% jump in full-year profit, driven by
the popularity of do-it-yourself (DIY) projects.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.