European stock markets traded lower on Wednesday after eurozone finance ministers failed to reach a deal on additional stimulus to weather the economic impact of the Covid-19 pandemic.

The pan-European STOXX 600 index fell by more than one percent after Mario Centeno, who chairs the 19-member grouping, said that discussions would resume on Thursday.

“After 16h of discussions we came close to a deal but we are not there yet,” Centeno wrote in a tweet.

London’s FTSE 100 declined 1.6 percent, while Germany’s DAX slid 1.1 percent. France’s CAC 40 has dropped almost two percent. (RT)