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European stocks tumble on new lockdown fears

10/28/2020 | 06:25am EST

Virus fears stalked European markets on Wednesday (October 28).

That with France widely expected to face a new month-long lockdown.

Confirmation could come in an evening address to the nation by President Emmanuel Macron.

Investors have already given their verdict though, with European indexes sinking to lows not seen since May.

France's Cac 40 index was down around 2.5 percent by mid-morning.

Germany's Dax was off even more.

Chancellor Angela Merkel wants to close all bars and restaurants from November 4, according to a draft resolution seen by Reuters.

Economically sensitive sectors including automakers, banks and insurers led the declines.

Mercedes-maker Daimler fell 4 percent, while France's Renault dropped 6 percent.

Airline stocks also tumbled, with Lufthansa, Ryanair and Air France-KLM all down as much as 5 percent.

Positive earnings stories provided a little protection.

Deutsche Bank saw a surprise return to profit, and upgraded forecasts for its investment banking unit.

That saw its shares gain 2%.

And Carrefour posted its strongest underlying sales growth for at least two decades.

Shares in Europe's biggest retailer also rose.

Among the few big gainers was Delivery Hero.

It was up over 4% by mid-morning after raising its outlook for the second time this year.

The takeaway food company proving a popular bet with investors hungry for lockdown winners.


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM -0.85% 5.126 Real-time Quote.-48.35%
CAC 40 0.02% 5583.01 Real-time Quote.-6.63%
CARREFOUR -1.13% 13.595 Real-time Quote.-9.06%
DAIMLER AG -0.09% 57.49 Delayed Quote.16.45%
DAX -0.52% 13313.24 Delayed Quote.0.48%
DELIVERY HERO SE -0.64% 98.84 Delayed Quote.40.08%
DEUTSCHE BANK AG -0.16% 9.53 Delayed Quote.37.78%
DEUTSCHE LUFTHANSA AG -0.36% 9.994 Delayed Quote.-39.10%
EURO STOXX 50 -0.11% 3521.32 Delayed Quote.-5.87%
RENAULT 1.45% 34.73 Real-time Quote.-17.66%
RYANAIR HOLDINGS PLC 0.19% 15.805 Delayed Quote.7.83%
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