Thursday, 28 Jan 2021 07:27 AM MYT
After holding largely unchanged in morning trade, the pan-European STOXX 600 fell into the red and closed down 1.2 per cent — its biggest single-day percentage fall in over five weeks. Economy-linked stocks bore the brunt of yesterday's selloff, with miners, banks and automakers falling between 2 per cent and 3.6 per cent.
Euro zone banks came under pressure as a member of the ECB’s governing council, Klaas Knot, said the central bank could decide to cut its deposit rate further below zero if that proved necessary to keep its inflation target in sight. French luxury group LVMH slipped 0.3 per cent even as booming sales at fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the pandemic.