Europe markets close lower on Turkey concerns; banks fall
European stocks closed lower on Friday as investors reacted to corporate earnings, fresh turmoil in Turkey and the ongoing trade war between the U.S. and China.
The pan-European Stoxx 600 ended 1.07 percent lower at 385.860. Several sectors including banks and basic resources finished the week nearly 2 percent lower.
Negative trade came as the euro dropped sharply against the dollar, following reports that the European Central Bank (ECB) is concerned over the impact of a weak Turkish lira on European lenders.
The Financial Times said that France’s BNP Paribas, Italy’s UniCredit and Spain’s BBVA could be particularly impacted by the ongoing depreciation of the lira. Most banking stocks ended the session in the red.
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