Black Monday? Largest decline in European stock markets since 2016

In Europe, a "bear market" is possible after the price war of oil producers dealt another blow to the global economy weakened by the coronavirus epidemic.

Stoxx Europe 600 fell in the morning by up to 6.6 percent after reports of an oil price collapse. The pan-European stock market index lost over 21 percent since the last peak on February 19, 2020. As one would expect, shares in oil companies are getting cheaper. Stoxx Europe 600 Oil & Gas lost 6.7 percent at the beginning values.

“The stock market is clearly afraid of the recession,” David Kunz, managing director of BX Swiss in Zurich, said. He emphasized that all positive news was ignored, which shows that the mood of panic now dominates.

The WSE also adapts to these trends. WIG20 falls by 6.5 percent in the first minutes of Monday trading.

Stock quotes of  Lotos, Play and KGHM are reduced by almost 10 percent. By less than 5 percent only Orange, Cyfrowy Polsat and mBank are falling.

(Puls Biznesu)