Turkish turmoil, Germany lockdown extension hit European stocks

  • Reuters
  • Stock Market News
Turkish turmoil, Germany lockdown extension hit European stocks
Credit: © Reuters.

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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. 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. 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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