Europe: Stocks end lower as Covid-19 economic toll becomes clearer

The Business Times | Apr 4, 2020 at 12:00 AM
  • European shares ended down on Friday, closing the week lower as dismal business activity data heralded a deep economic and earnings recession due to the novel coronavirus outbreak.
  • Energy stocks dragged on the Stoxx 600, relinquishing most of their gains from Thursday after a record spike in oil prices on hopes that Saudi Arabia and Russia would end their price war.
  • The bump in prices, along with extremely low stock valuations in the sector, saw energy stocks outperforming other sectors for the week with a 9 per cent gain.