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Delayed Quote. Delayed Switzerland - 06/16 11:50:00 am
4151.76 PTS   +0.20%
After hours
4142.12 PTS
07:41aEuropeans Bourses Tracking Higher Midday Ahead of US Federal Reserve Policy Statement
06/15EURO STOXX 50 Index Ends 0.26% Higher at 4143.52 -- Data Talk
06/15European Bourses Again Eye Fresh Records, Trending Higher Midday
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

European stocks slide in risk-off mood, M&A talk lifts Italian banks

09/24/2020 | 12:54pm EDT
The German share price index DAX graph at the stock exchange in Frankfurt

European stocks slid on Thursday, with UK markets leading the way after Britain's government launched a scaled-back job support programme, while a second wave of COVID-19 cases across the continent dampened investor sentiment.

The pan-European STOXX 600 index fell 1.0% to close at its lowest level since Aug 3, with the retail, oil & gas and financial services sectors falling the most.

Investor fears about the resurgence of COVID-19 denting the European economic recovery have dominated trading this week as the UK, Spain and France imposed fresh restrictions, while U.S. Federal Reserve policymakers spooked markets on Wednesday by calling on the government to provide more fiscal support.

"Investor's expectations for a slow steady recovery have been tested in this month," Geir Lode, head of global equities, international at Federated Hermes wrote in a note.

"With the recent sentiment change in the market, it should be remembered that market volatility still exists. Exceptionally low interest rates and ample liquidity give investors few choices other than to invest in riskier assets."

M&A speculation drove a 1.3% rise in Italian banking stocks <.FTIT8300>, while the European banking index <.SX7P> slipped 0.4%.

Italy's third-largest bank Banco BPM jumped 5.8% and Credito Valtellinese surged 11.6%, with traders citing a Bloomberg report that suggested talks of possible takeover interest from French bank Credit Agricole.

Earlier, a Banco BPM spokeswoman said it was not in contact with bigger rival UniCredit over a potential merger, dismissing a press report. UniCredit rose 2.3%.

The STOXX 600 had cut losses earlier in the session after surveys showed business morale in Germany and France improved for the fifth month in a row in September, suggesting that both countries are set for strong growth in the third quarter.

The relief, however, proved temporary, with U.S. markets hesitating to rise after a surprise rise in weekly jobless claims. [.N]

The German DAX was down 0.3%, outperforming the regional indexes, while France's CAC 40 fell 0.8%.

UK's FTSE 100 lagged with a 1.3% drop, failing to draw cheer from a new job support plan. Under the "more targeted" programme, Finance minister Rishi Sunak said government support would only be available to workers whose employers keep them on at least a third of their normal hours.

British cinema operator Cineworld slumped 14.8% as it swung to a loss and said it may have to raise more money if pushed to shut its theatres again due to government curbs on social gathering.

By Sruthi Shankar

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 0.73% 8404 Delayed Quote.13.91%
BANCO BPM S.P.A. -1.82% 2.908 Delayed Quote.63.83%
CAC 40 0.20% 6652.65 Real-time Quote.19.60%
CINEWORLD GROUP PLC -1.70% 86.5 Delayed Quote.37.29%
CREDITO VALTELLINESE S.P.A. 0.00% 12.26 End-of-day quote.6.20%
CRÉDIT AGRICOLE S.A. -1.64% 12.254 Real-time Quote.20.72%
DAX -0.12% 15710.57 Delayed Quote.14.66%
EURO STOXX 50 0.20% 4151.76 Delayed Quote.16.63%
FEDERATED HERMES, INC. 1.90% 33.48 Delayed Quote.12.74%
FTSE 100 0.17% 7184.95 Delayed Quote.11.02%
LONDON BRENT OIL -0.11% 74.2 Delayed Quote.41.35%
MSCI UNITED KINGDOM (STRD) 0.22% 1183.544 Real-time Quote.14.54%
NOVARTIS AG 1.06% 85.18 Delayed Quote.0.77%
ROCHE HOLDING AG 1.00% 347.1 Delayed Quote.11.21%
S&P UNITED KINGDOM (PDS) 0.14% 1431.57 Delayed Quote.11.63%
STOXX EUROPE 600 0.23% 459.86 Delayed Quote.14.98%
STOXX EUROPE 600 NR 0.23% 1027.95 Delayed Quote.16.60%
UNICREDIT S.P.A. -2.03% 10.444 Delayed Quote.39.38%
WTI -0.62% 71.978 Delayed Quote.47.40%
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Euro Stoxx 50 Technical Analysis Chart | MarketScreener
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Technical analysis trends EURO STOXX 50
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Top / Flop EURO STOXX 50
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