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European markets faintly down as Wall Street scrunches global stocks

1 min read
Germany virus

A broker watches her screens under the curve of the German stock index DAX in Frankfurt, Germany, Tuesday, March 17, 2020, the day after German authorities spoke out more restrictions to avoid the spread out of the coronavirus. Only for most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia. (AP Photo/Michael Probst)

European stocks are set to open slightly lower Friday after a sudden retreat at the end of Thursday’s session, as a sharp decline in Wall Street tech stocks spooks global markets.

Britain’s FTSE 100 is seen around 25 points lower at 5,826, Germany’s DAX is expected to shed around 10 points to 13,048 and France’s CAC 40 is set to slide by around 16 points to 4,994, according to IG data.

Stateside, the Dow Jones Industrial Average plunged 800 points, or 2.8%, on Thursday to record its steepest single-day losses since June, while S&P 500 plunged 3.5% and the Nasdaq Composite dropped 5%, tumbling from the record highs notched on Wednesday. Tech megastocks Apple, Amazon, Netflix, Alphabet and Facebook led the losses with the broad tech sector posting its worst day since March, having driven much of Wall Street’s recovery in recent months. US futures on Friday are pointing to another negative open.

The losses spilled over into Asia Pacific trading overnight, with Australia’s S&P/ASX 200 falling more than 3% while tech stocks fueled declines of more than 1% for the majority of Asian markets.

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