Stock market Reports

European stocks closed lower on Friday, with the DAX 30 falling 0.7% to end at an over one-week low of 13,116 and other major indexes down more than 0.7% as travel and bank stocks underperformed on fears that a resurgence in COVID-19 cases across the region could hamper economic recovery. Some European nations already announced new restrictions aiming to curb surging infections including Denmark and Greece while the UK was considering a new national lockdown. Also, investors felt disappointed about the lack of action from major central banks. The US Fed pledged to keep interest rates at record lows, but did not signal further stimulus in coming months. Central banks in Britain and Japan hinted additional monetary support, but action was not forthcoming either. On the corporate front, Germany’s Covestro rose on reports on PE interest for the group while Caixabank and state-owned Bankia approved a merger plan that will create the Spanish largest bank. For the week, the DAX 30 shed 0.7%.