Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
European markets ended in a downturn as Turkey’s economic situation deteriorated to provide investors with a flight out of the more haunted assets. The Turkish Lira has declined a new low against the Dollar on concerns about President Tayyip Erdogan’s growing control over the economy and the deterioration of the country’s relations with the United States. In the banking sector, BBVA shares fell 2.58%, Unicredit shares lost 2.29% and BNP Paribas 1.05%. Bayer fell more than 10 percent after a California court ruled the Monsanto farm company to compensate a patient who blamed the company for the cancer he developed. It is the first court ruling in a case involving the herbicide’s effects on human health. In response to the ruling, Bayer, which in June completed the acquisition of Monsanto, denied that the product in question was carcinogenic and guaranteed that it will appeal the decision. On the other hand, the airlines were also under pressure, due to fears of further strikes by employees. Air France KLM losses (-4.11%) stand out. In international markets, the price of oil has fallen further, with trade tensions and fears about emerging markets harming sentiment.
In the current context of deteriorating economic conditions in Turkey, the US market had slight losses this week. The technology sector was off the rule, with some gains.