China-led risk-off worsened in Europe, pushing the pan-European benchmark Stoxx 50 index lower by 1.10%.
At the time of writing, Germany’s DAX was down 1%. France’s CAC and UK’s mining heavy FTSE were down 1.2% and 0.7% respectively. Stoxx 600 was down 1.10% as well.
Among stocks, Germany’s BMW was down 2%. Volkswagen AG VZO was down 1.7% as well. Banking heavyweights like Deutsche Bank and Societe Generale were down at least 1.5% each.
Asian stocks witnessed moderate risk-off after data released in china showed exports tumbled 24% y/y in February. However, from Europe’s viewpoint, a 13.8% y/y drop in imports is a bigger concern. Sharp drop in imports would take a toll on exporters across Eurozone, especially in Germany.
(Market News Provided by FXstreet)
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