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European stocks fall as eurozone finance ministers' deal fail

European stocks fall as eurozone finance ministers' deal fail

European stocks fell during Wednesday’s trading due to the failure of the eurozone finance ministers to reach a clear agreement on how to finance the Covid-19 crisis and support the affected countries.

As of 09:06 GMT, the Euro Stoxx 50 index fell by 1.7 percent to trade near 2,808.80 points.

Britain’s FTSE Index also fell to 5604.73 points, bringing its decline in early trading today to about 1.75 percent.

The series of declines in the European stock market did not exclude the German DAX index, which fell about 0.95 percent and now settles near 10,258.27 points.

The French CAC also joined the wave of decline, reaching 4352.63 points, down 1.93 percent.

Results of finance ministers' meeting

The eurozone finance ministers' meeting yesterday failed to reap the benefits and find agreed ways to finance the Covid-19 crisis in the region, particularly among the most affected countries.

On the other hand, the sticking point seems to be the issuance of eurozone debt instruments among the eurozone countries to finance spending associated with the confronting the Corona virus, which has been called "Corona bonds".

The idea was supported by France, Italy and Spain, while Germany, the Netherlands and Finland reject it.

It is also noted that if finance ministers cannot reach a decision, they are likely to refer it to their heads of state who are supposed to hold a meeting tomorrow, but it is also likely that the negotiations of the finance ministers will continue before resorting to this step.

As of 09:24 GMT, the EUR/USD pair fell today after yesterday's rise, reaching 1.0868 levels, while the pair opened today’s session at 1.0890. It is also noted that the lowest level reached by the euro today was at 1.0829.

Regarding Coivd-19 latest updates, the number of people infected today worldwide is around 1,436,841, while the total number of deaths is 82,421.

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