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Lower European shares buck global trend

10/07/2020 | 12:37pm EST
The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European stocks mostly fell on Wednesday, failing to join a recovery in global equities following a selloff on doubts over U.S. stimulus, with blue-chip shares weighing the most.

The pan-European STOXX 600 index edged 0.1% lower to break a four-session winning run. Blue-chip stocks <.STOXX50> fell 0.3%.

The healthcare sector was the biggest drag, with telecom, media and real estate <.SX86P> stocks also falling.

Asian markets and Wall Street stocks rebounded strongly from overnight losses triggered by U.S. President Donald Trump calling off talks over a coronavirus relief package until after the election. [.N]

Later on, however, Trump urged Congress to provide $1,200 stimulus checks for Americans and other support for airlines and small businesses.

"You can look at this as partly a negotiating tactic," said Craig Erlam, senior market analyst at Oanda in London. "You call off talks now in the hopes that the Democrats will cede a little bit of ground. But I'm sceptical we'll get one before the election."

The benchmark STOXX 600 hit a two-week high earlier this week on reports of improvements in Trump's health after he tested positive for COVID-19, although trading has been choppy amid uncertainties about the November election.

Positive earnings reports and upbeat brokerage recommendations helped limit the losses in Europe.

German logistics group Deutsche Post AG jumped 3.9% as it said it expected "exceptionally strong" business up to Christmas as ecommerce keeps booming during the pandemic.

Dialog Semiconductor rose 3.2% after it forecast better-than-expected revenue in its third quarter.

Miners rose after JP Morgan took an "extreme overweight" position, citing a boost to the sector from China's recovery and potential U.S. stimulus.

BHP, Anglo American and Rio Tinto gained more than 2%, boosting UK's commodity-heavy FTSE 100.

Beverages companies AB InBev, Heineken, and Pernod Ricard rose between 1.3% and 3.5% after Jefferies upgraded the stocks to "buy", while double upgrading Diageo.

Britain's biggest supermarket chain Tesco slipped 0.7%, giving back gains after it reported a jump in sales.

Nexi slid 5.7% after top shareholder Mercury UK Holdco said it was selling 13.4% of its stake in the Italian payments group, a day after Nexi announced a merger with rival SIA.

(Reporting by Sruthi Shankar; Editing by Arun Koyyur, Kirsten Donovan)

By Sruthi Shankar

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 1.35% 2411.5 Delayed Quote.9.48%
ANHEUSER-BUSCH INBEV 0.96% 56.65 Delayed Quote.-22.82%
BHP GROUP 0.25% 1863.6 Delayed Quote.4.47%
DEUTSCHE POST AG 0.59% 40.68 Delayed Quote.18.94%
DIAGEO PLC -1.39% 2884.3375 Delayed Quote.-8.65%
DIALOG SEMICONDUCTOR PLC 2.45% 42.63 Delayed Quote.-7.74%
EURO STOXX 50 -0.12% 3516.97 Delayed Quote.-5.98%
HEINEKEN HOLDING N.V. -0.44% 78.65 Delayed Quote.-8.56%
HEINEKEN N.V. -0.36% 89.74 Delayed Quote.-5.06%
MSCI UNITED KINGDOM (STRD, UHD) 1.04% 1009.276 Real-time Quote.-16.09%
NEXI S.P.A 0.65% 15.49 Delayed Quote.24.39%
PERNOD RICARD -0.63% 158.05 Real-time Quote.-0.25%
RIO TINTO PLC 0.78% 5286 Delayed Quote.16.34%
STOXX EUROPE 600 -0.11% 391.39 Delayed Quote.-5.81%
STOXX EUROPE 600 NR -0.10% 862.09 Delayed Quote.-3.88%
TESCO PLC 1.43% 227.52 Delayed Quote.-12.03%
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