World shares hit highs as markets focus on earnings
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World shares hit highs as markets focus on earnings
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.
3 Min Read
(Reuters) - European stocks tumbled on Wednesday as extended coronavirus lockdowns drove the German government to slash its growth forecast for 2021, while talk of further interest rate cuts by the European Central Bank hit banking stocks.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 26, 2021. REUTERS/Staff
After holding largely unchanged in morning trade, the pan-European STOXX 600 fell into the red and closed down 1.2% - its biggest single-day percentage fall in over five weeks.
The global mood also soured as investors turned more cautious about mounting coronavirus cases around the world and about stretched stock valuations after retail investors piled into some niche U.S. stocks, causing an eye-popping surge in their market value within just days.