Europe shares decline after the largest three-day high

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US, WASHINGTON (ORDO NEWS) — European stocks fell in early trading on Friday after a massive three-day rally that sparked hopes for more robust stimulus measures to support the global economy hit by the rapid spread of the Corona virus pandemic.

The pan-European STOXX 600 index fell 1.8 percent by 0808 GMT, but is still headed for one of the best performing weeks since the global financial crisis.

The benchmark index has recovered, nearly 17 percent, since it hit a low on March 16, but remains more than 26 percent below its all-time high hit last month in a turmoil wiping out more than $ 3 trillion of European companies’ value.

After leading a recovery this week, travel and entertainment stocks were down 3 percent. Energy stocks were down 2.9 percent, while oil erased early gains.

Foresia, the auto parts maker, fell 5.2 percent after the French company abandoned its financial forecasts due to its activities being affected by the health crisis.


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