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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Euro Stoxx 50       EU0009658145

EURO STOXX 50

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European shares sink on lockdown concerns as virus cases surge

10/15/2020 | 12:09pm EST
FILE PHOTO:  The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares sank on Thursday as a resurgence in COVID-19 cases across the continent and fading hopes for more U.S. fiscal stimulus before the presidential election dented demand for equities globally.

The pan-European STOXX 600 index fell 2.1% in its worst day in more than three weeks, with autos, insurance and energy stocks tumbling more than 2%.

Bank shares <.SX7P> tracked a decline in bond yields, shrugging off signs of a pickup in M&A activity after a report said Italy's Banco BPM and France's Credit Agricole had signed a confidentiality agreement in a first step towards formal talks over a possible merger.

"Investors are unnerved by what's going on with COVID-19 and how that is negatively impacting jobs and the ability for many businesses to succeed," said Russ Mould, investment director at AJ Bell.

"It's becoming more apparent that the pandemic could still be raging well into 2021 and so economic prospects have become even more clouded."

European stock markets bounced from the coronavirus lows hit in March on a raft of global stimulus, but sentiment has recently taken a hit from the surge in infections as well as signs of a slowing economic rebound.

France has imposed curfews and other European nations are closing schools and cancelling surgeries in an attempt to contain the resurgence ahead of the winter season.

Bourses in France, Italy, Spain and Germany fell between 1.4% and 2.8%.

The UK's FTSE 100 was down 1.7% as the government imposed tighter restrictions in London, while investors looked for signs of progress towards a Brexit trade deal at the two-day European Union summit that began on Thursday.

EU leaders said agreeing a "fair" new partnership with Britain was "worth every effort" but that the bloc would not compromise at any cost and was ready for an abrupt split in trade worth a trillion euros every year.

"It's not in anyone's interest if the UK leaves the EU without a deal and markets are so far leaning towards an 11th-hour Brexit agreement," said Hussein Sayed, a market strategist at FXTM.

In company news, Swiss drugmaker Roche shed 3.5% even as it posted record revenue in its diagnostics division that offset declining drug sales and kept it on track to meet its full-year 2020 targets.

Ryanair fell 4.3% as it said it would cut its planned winter capacity by a third due to the wave of travel restrictions imposed by European governments.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Subhranshu Sahu and Arun Koyyur and Kirsten Donovan)

By Sagarika Jaisinghani


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC -2.60% 450 Delayed Quote.3.81%
BANCO BPM S.P.A. -2.82% 1.8285 Delayed Quote.1.13%
CRÉDIT AGRICOLE SA -1.37% 9.922 Real-time Quote.-3.86%
EURO / BRITISH POUND (EUR/GBP) -0.01% 0.88929 Delayed Quote.-0.82%
EURO STOXX 50 -0.44% 3602.41 Delayed Quote.1.40%
MSCI UNITED KINGDOM (STRD, UHD) -0.69% 1069.389 Real-time Quote.4.45%
ROCHE HOLDING AG 0.54% 318.45 Delayed Quote.3.06%
RYANAIR HOLDINGS PLC -2.37% 14.845 Real-time Quote.-8.67%
STOXX EUROPE 600 -0.57% 408.54 Delayed Quote.2.38%
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Chart EURO STOXX 50
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Euro Stoxx 50 Technical Analysis Chart | MarketScreener
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
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Top / Flop EURO STOXX 50
SIEMENS AG 132.8 Delayed Quote.7.27%
VOLKSWAGEN AG 165.08 Delayed Quote.1.88%
PROSUS N.V. 99.16 Real-time Quote.1.81%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 511.5 Real-time Quote.0.77%
AIR LIQUIDE 132.05 Real-time Quote.0.69%
MUENCHENER RUECKVERSICHERUNG AG 228.5 Delayed Quote.-1.89%
DEUTSCHE BÖRSE AG 132.9 Delayed Quote.-1.99%
BANCO SANTANDER, S.A. 2.581 Delayed Quote.-2.23%
ADIDAS AG 278 Delayed Quote.-2.49%
BNP PARIBAS 43.085 Real-time Quote.-2.83%
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