The global markets have fallen down amidst global sell off concerns. The Dow Jones industrial average dropped by 665.75 points Friday to close at 25,520.96. This is the 6th biggest points decline in the index.
The Dow today opened with another major triple digit loss, which has added pressure on the European stocks. Moreover, in January, the Spanish services purchasing managers index hit 56.9 in the month of January, which was its fastest expansion in a time frame of 6 months till January.
The European stocks, opened on losses, on Monday, as traders seemed concerned about the inflation kicking in sooner than expected. The Pan European Stoxx 600 was lower 1.5 percent during one point in the mid afternoon, with all of the sectors trading in the negative territory. Moreover, the global markets also dropped across. The Dow Jones industrial average fell by 665.75 points. This was the 6th largest point decline in the index. Therefore, Monday was another loss for the Wall Street.
On Friday, it was revealed that there were higher US jobs as compared to the expectations of analysts. There was also a 2.9 percent increase in yearly basis on average.
One of the most affected sectors was the financial service one. It fell by 2 percent London Time 2:30 PM. When the European benchmark is assessed, we see that there were fewer stocks moving in the right direction and many stocks, though recovering, still fell. Many British company stocks recovered some gains once the stocks declined to their 20 year low.
Other indicators of companies showed some improvement as Ryanair posted a 12 percent increase in profits in the last quarter. However, its stocks declined by more than 2 percent. On the other hand, Spanish services PMI hit 56.9.
As the day proceeds, investors will be paying attention to the newest news and updates regarding Brexit, as the talks between EU and UK start on Tuesday.
Great and sharp losses in the market for Monday, following Friday’s loss spree. More on stocks and related information as we go.