World stocks head for worst losing streak in more than five years
Anxiety over corporate profits adds to fears about global trade and economic growth; the euro falls after ECB says the bank’s €2.6-trillion asset purchase programme will end this year
London — Global stocks slid lower on Friday and were set for their worst week in more than five years, as anxiety over corporate profits added to fears about global trade and economic growth. European shares tracked US stock futures lower after Alphabet and Amazon’s earnings missed expectations, further sapping risk appetite as European earnings also disappointed. The leading index of eurozone stocks fell 1.5%. Germany’s DAX 30 was down 1.7% and France’s CAC 40 down 1.8%. The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.3% after trading began in Europe. It was set for its fifth straight week of losses, its worst losing streak since May 2013. “Expectations for US company earnings are quite high, so whenever they are not met, the reactions are quite severe,” said Miraji Othman, credit strategist at BayernLB. “We have grown used to solid numbers, 18%r evenue growth, 25% revenue growth and so on. The valuations have become quite ambitious.” S&P E-mini fu...
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