European Stocks Close Mixed as Trump Bans Travel from Europe

March 12, 2020
European Stocks Close Mixed as Trump Bans Travel from Europe

By Investors Hub

European stocks have turned mixed over the course of the session after moving higher earlier in the day after China declared that it has “basically curbed” the spread of the coronavirus in Wuhan, the city at the heart of the global epidemic.

The number of new cases in China has dramatically fallen in recent weeks, but there was a slight uptick in today’s numbers due to an increase in imported cases.

The Bank of England today cut interest rates by half a percent to support businesses affected by the economic uncertainty amid the coronavirus outbreak.

The central bank also introduced a new scheme to ensure companies can easily and cheaply access credit.

The U.K. Chancellor of the Exchequer will present his Budget to Parliament later day. Chancellor Rishi Sunak is likely to provide additional funds to the NHS and households amidst the spread of the coronavirus.

While the U.K.’s FTSE 100 Index has dipped by 0.2 percent, the German DAX Index is just above the unchanged line and the French CAC 40 Index is up by 0.2 percent.

Wealth management firm Quilter has jumped after its full-year underlying profit performance came in ahead of market expectations.

Shares of Balfour Beatty have also moved sharply higher. The construction group reported an 8 percent increase in annual operating profit.

FirstGroup, a provider of transport services in the U.K. and North America, has also advanced after providing an update on its portfolio rationalization strategy and on trading since the end of September 2019.

Meanwhile, Dignity shares have plunged after the provider of funeral related services warned that a regulatory investigation could “materially” impact both its industry and the company itself.

Puma SE shares have also tumbled. The sportswear maker said the coronavirus outbreak has negatively impacted its business since the beginning of February both in terms of sales and sourcing.

Sporting goods manufacturer Adidas has also plunged. The company expects first-quarter sales to drop by up to 1 billion euros ($1.14 billion) in greater China due to the coronavirus.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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