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European shares fall for third week in a row, miners worst hit

09/17/2021 | 04:43am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* STOXX 600 falls for third straight week

* UK mulls easing travel restrictions

* Miners shed nearly 8% for the week

* Travel & leisure leads weekly sectoral gains

Sept 17 (Reuters) - European stocks fell on Friday, capping their third straight week in the red as the basic resources sector was hit by declines in Anglo American, but news that Britain was mulling easing travel restrictions boosted airlines and hotel groups.

Anglo American tumbled 8.1% after Morgan Stanley and UBS downgraded the stock. The European mining index was also hit by worries about slowing growth in China, falling nearly 8% for the week.

The pan-European STOXX 600 index fell 0.9% on the day.

London's miner-heavy FTSE 100 index shed 0.9%, while German stocks fell 1.0%.

Most regional indexes were pressured this week on worries about slowing global growth and tighter regulation of Chinese firms.

"Although still fairly measured at present, this current selloff has the potential to be one of the most dramatic pullbacks we have seen all year, as inflation, stagflation, slowdown and virus risks all combine to knock back European and U.S. markets," said Chris Beauchamp, chief market analyst at IG.

Meanwhile, after closing up 3.4% on Thursday in one of the best single-day performances this year, the European travel and leisure index added 1.2%. The index closed 2.7% higher for week, leading gains across European sectors.

Wizz Air, British-Airways-owner IAG and InterContinental Hotels rose between 2% and 5% after Britain said it would simplify COVID-19 rules for international travel.

While European stock markets looked set to end the week on a steady footing, next week could be pivotal in determining near-term market direction, with the U.S. Federal Reserve and the Bank of England's policy meetings, as well as German elections on deck.

"If the caution we have seen this week does carry over into Monday and beyond, then the next Fed meeting provides another reason to tread carefully," IG's Beauchamp said.

China-exposed luxury stocks such as LVMH, Kering , Hermes and Richemont rebounded, following sharp losses earlier this week on fears of fresh coronavirus-related restrictions and regulatory moves in China.

Germany's Commerzbank climbed 1.2% after a Handelsblatt report said U.S. investor Cerberus was considering taking a 15.6% state in the bank after the federal election.

Spanish pharmaceuticals company Grifols rose 5.8% after it proposed a 1.6 billion euro ($1.9 billion) takeover of its German rival Biotest, in a move to consolidate the plasma-based drug industry.

Data showed British retail sales unexpectedly fell again in August in what is now a record streak of monthly declines. (Reporting by Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Andrew Heavens)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMERZBANK AG 1.32% 6.373 Delayed Quote.21.02%
COMPAGNIE FINANCIÈRE RICHEMONT SA 0.36% 110.05 Delayed Quote.37.43%
GRIFOLS, S.A. 1.85% 20.39 Delayed Quote.-14.61%
HERMÈS INTERNATIONAL 1.41% 1328 Real-time Quote.50.98%
INTERCONTINENTAL HOTELS GROUP PLC -0.60% 5004 Delayed Quote.6.52%
KERING -0.46% 643.6 Real-time Quote.8.28%
LVMH MOËT HENNESSY LOUIS VUITTON SE 0.55% 659.7 Real-time Quote.29.13%
WIZZ AIR HOLDINGS PLC 3.19% 4459 Delayed Quote.-2.30%
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