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Turkish turmoil, Germany lockdown extension hit European stocks

Published 03/22/2021, 04:23 PM
Updated 03/22/2021, 04:30 PM
© Reuters.
USD/TRY
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UK100
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FCHI
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DE40
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INGA
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BNPP
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BBVA
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KGF
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CRDI
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STOXX
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SXTP
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 22 (Reuters) - A slump in Turkey's lira and worries
about prolonged lockdowns in Germany pushed European stocks
lower on Monday, with banks and travel shares taking the biggest
hit.
The pan-European STOXX 600 .STOXX fell 0.5% by 0806 GMT,
down for the second straight session after hitting a one-year
peak last week.
The global mood soured as the Turkish lira dropped to a
record low after President Tayyip Erdogan replaced a hawkish
central bank governor with a critic of high interest rates over
the weekend. Euro zone banks exposed to the country such as Spain's BBVA
BBVA.MC , Italy's UniCredit CRDI.MI , France's BNP Paribas
BNPP.PA , and Dutch bank ING INGA.AS fell between 1.6% and
5.2%.
Travel stocks .SXTP also dropped as a draft proposal seen
by Reuters showed Germany was set to extend a lockdown to
contain the COVID-19 pandemic into its fifth month. The German DAX .GDAXI was down 0.5%, while France's CAC 40
.FCHI fell 0.9% and UK's FTSE 100 .FTSE dropped 0.8%.
British home improvement retailer Kingfisher KGF.L rose
3.6% after it reported a 44% jump in full-year profit, driven by
the popularity of do-it-yourself (DIY) projects.

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