European Stocks Close Lower After Choppy Session; Down 3.7% On The Week

European stocks closed lower on Friday amid a choppy trading session as investors continued to monitor coronavirus developments and the prospects of economic recovery.

TICKERCOMPANYNAMEPRICECHANGE%CHANGEVOLUME.FTSEFTSE 100FTSE5842.6719.890.34742745791.GDAXIDAXDAX12469.20-137.37-1.0966129927.FCHICAC 40 IndexCAC4729.66-32.96-0.6996957872

The pan-European Stoxx 600 closed down by over 0.2% provisionally, having bounced either side of the flatline throughout the day. Autos shed 1.5% to lead losses while travel stocks swung to almost 3% gains from a 1.8% decline earlier in the session.

For the week, the Stoxx 600 lost 3.7%, its worst week since mid-June.

Europe’s markets received a mixed handover from Asia Pacific, where strong gains for Australia’s “Big Four” banks led a rally for the S&P/ASX 200 on Friday, while the rest of the region was relatively muted.

Stateside, stocks rose slightly on Friday as tech shares recovered some of their losses for the month. However, Wall Street was still headed for its fourth consecutive week of losses.

The prospect of further U.S. stimulus remains a key focus, with Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin telling Congress on Thursday that $380 billion left over from the country’s last federal aid package could be used to help households and businesses if lawmakers sign off.

House Democrats are preparing a $2.4 trillion relief package that they could vote on as soon as next week, a source familiar with the plans told CNBC. The package would include airline aid and enhanced unemployment benefits, but the price tag far exceeds that Republicans have said they would pay.

– CNBC