AIRLINK 189.36 Increased By ▲ 1.33 (0.71%)
BOP 11.10 Decreased By ▼ -0.76 (-6.41%)
CNERGY 7.28 Decreased By ▼ -0.26 (-3.45%)
FCCL 36.65 Decreased By ▼ -1.14 (-3.02%)
FFL 14.95 Decreased By ▼ -0.29 (-1.9%)
FLYNG 26.19 Increased By ▲ 0.66 (2.59%)
HUBC 130.89 Increased By ▲ 0.74 (0.57%)
HUMNL 13.47 Decreased By ▼ -0.14 (-1.03%)
KEL 4.28 Decreased By ▼ -0.07 (-1.61%)
KOSM 6.08 Decreased By ▼ -0.09 (-1.46%)
MLCF 45.94 Increased By ▲ 0.26 (0.57%)
OGDC 201.86 Decreased By ▼ -4.57 (-2.21%)
PACE 6.12 Decreased By ▼ -0.26 (-4.08%)
PAEL 38.36 Decreased By ▼ -1.95 (-4.84%)
PIAHCLA 16.73 Decreased By ▼ -0.22 (-1.3%)
PIBTL 7.94 Decreased By ▼ -0.09 (-1.12%)
POWER 9.86 Decreased By ▼ -0.17 (-1.69%)
PPL 173.46 Decreased By ▼ -5.38 (-3.01%)
PRL 34.73 Decreased By ▼ -1.63 (-4.48%)
PTC 23.95 Decreased By ▼ -0.44 (-1.8%)
SEARL 101.74 Decreased By ▼ -1.42 (-1.38%)
SILK 1.07 No Change ▼ 0.00 (0%)
SSGC 32.70 Decreased By ▼ -3.54 (-9.77%)
SYM 17.93 Decreased By ▼ -0.30 (-1.65%)
TELE 8.14 Decreased By ▼ -0.24 (-2.86%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.40 Increased By ▲ 0.07 (0.1%)
WAVESAPP 11.80 Decreased By ▼ -0.21 (-1.75%)
WTL 1.52 Decreased By ▼ -0.05 (-3.18%)
YOUW 3.90 Increased By ▲ 0.01 (0.26%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

LONDON: Europe’s stock markets tumbled Friday, deepening opening losses as a global banks selloff accelerated before key US jobs data.

Frankfurt’s benchmark DAX index tanked 1.8 percent to 15,344.83 points, with Deutsche Bank slumping 10 percent and Commerzbank five percent.

The Paris CAC 40 lost 1.9 percent to 7,177.59, with BNP Paribas, Credit Agricole and Societe Generale down by between four and five percent.

London’s FTSE 100 index dropped 1.6 percent to 7,753.35 points, with shares in Barclays, HSBC, Lloyds and NatWest shedding as much as five percent.

“It looks like more contagion worries today in the banking sector. Plus, we have nervousness in payrolls data today. Not an easy finish to the week,” Strategic Alpha analyst Maurice Pomery told AFP.

Asian equities also tanked Friday following a rout on Wall Street, as signs of trouble at a regional US lender sparked concerns about the broader sector.

Lenders were sent into a tailspin Thursday after SVB Financial Group, which specialises in venture-capital financing, announced a stock offering and offloaded securities to raise much-needed cash as it struggles with falling deposits.

In another blow, crypto banking giant Silvergate said it planned to close as the sector faces more turmoil.

“Negative momentum from last night’s sell-off on Wall Street has permeated across global markets,” added Victoria Scholar, head of investment at Interactive Investor.

Europe stocks extend losses at open on Powell warning

The turmoil comes as traders nervously await the release of US jobs data later in the day, with many fearing that a forecast-beating figure could press the Federal Reserve to ramp up interest rates more than previously thought.

Markets remain unnerved after Fed boss Jerome Powell warned this week that a quicker pace of hikes might be required to fight inflation.

Comments

Comments are closed.