European stocks sink as traders flock to bonds
On Friday, European shares sagged as commodity stocks were mostly undercut by the greenback’s strengh. Furthermore, traders rushed to the fixed-income market.
The Stoxx Europe 600 sagged 1.2%, trading at 337.06, with no sector going up. As for mining, financial as well as consumer services stocks taking the brunt of the beating. By the way, on Thursday, the pan-European benchmark slumped.
For the week, the Stoxx 600 was demonstrating a 1.2% sink, thus marking the index’s second straight weekly tumble.
Gas, oil as well as mining stocks were affected as the greenback went higher against most key counterparts, thus pushing the Dollar Index off a four-week minimum. it’s a common occurrence that commodities priced in US dollars are pressured when the greenback goes up.
After a strong week of revenues for oil prices, West Texas Intermediate crude futures sagged below $50 per barrel on Friday. As for Brent crude futures, they slumped more than 1%, heading below $52.