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MarketScreener Homepage  >  Indexes  >  Switzerland  >  Stoxx Europe 600    SXXP   EU0009658202


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Travel stocks slump in Europe as virus cases surge, banks drag

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09/18/2020 | 06:08am EDT

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* Travel stocks slide after talks of second UK lockdown

* Euronext jumps on exclusive talks to acquire Borsa Italiana

* Bankia-Caixabank merger fails to boost banking stocks

* STOXX 600 posts small weekly gain

Sept 18 (Reuters) - European equity markets closed lower on Friday, with travel, banking and auto shares leading declines as a resurgence in coronavirus cases across the continent rekindled fears about the pandemic's impact on a nascent economic recovery.

The pan-European STOXX 600 index fell 0.7%, with the banking-heavy Spanish index down 2.2% and the French and Italian bourses more than 1% lower.

London's FTSE 100 slipped 0.7%, with British-Airways owner ICAG, easyJet and cruise operator Carnival down between 8% and 15% as talk of a second lockdown in the United Kingdom did the rounds after new COVID-19 cases almost doubled to 6,000 per day.

Travel and leisure was the worst-performing sector, down 3.5%.

Other European nations from Denmark to Greece announced new restrictions to curb surging coronavirus infections in some of their largest cities.

"If the uptick in cases becomes strong enough that lockdowns have to be tightened to a point that it derails the economic recovery, then it becomes a risk factor," said Mobeen Tahir, associate director of research at fund house Wisdom Tree.

The banking index fell 2.6%, hitting its lowest level since May 26 and on course for record-lows as major central banks pledged to keep interest rates lower for a long time, with the Bank of England looking at taking borrowing costs to sub-zero levels, if needed.

Sparking hopes of consolidation among lenders battling the fallout from the COVID-19 pandemic, Caixabank agreed to buy state-owned Bankia for 4.3 billion euros ($5.10 billion) to create Spain's biggest domestic bank.

Bankia fell 4.8% and Caixabank was down 2.2% after rallying in the run up to the announcement.

Swedbank, SEB, Handelsbanken and Nordea were down between 1.8% and 5.3% on fears that the Swedish banks will bear the brunt of a recently proposed government "risk tax".

Separately, Sweden's financial watchdog said it was investigating Swedbank for potential market abuse.

The STOXX 600 still eked out 0.2% weekly gain as some major retail companies showed resilience in earnings earlier this week and a string of takeovers enlivened global M&A activity.

The London Stock Exchange Group entered exclusive talks to sell Borsa Italiana to France's Euronext, driving its shares up 4.3%.

Swedish telecoms gear maker Ericsson was up 1.3% after it agreed to buy U.S.-based wireless networking company Cradlepoint in a $1.1 billion deal. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva and Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
BANKIA, S.A. -2.61% 1.062 Delayed Quote.-44.18%
CAIXABANK, S.A. -2.99% 1.5715 Delayed Quote.-43.83%
EASYJET PLC -4.11% 487.9 Delayed Quote.-64.62%
ERICSSON AB -2.75% 100.65 Delayed Quote.23.41%
EURONEXT N.V. -4.98% 88.3 Real-time Quote.27.05%
LONDON STOCK EXCHANGE PLC -3.44% 8328 Delayed Quote.10.27%
NORDEA BANK ABP. -3.22% 65.91 Delayed Quote.-12.86%
SKANDINAVISKA ENSKILDA BANKEN AB -3.11% 77.2 Delayed Quote.-12.35%
STOXX EUROPE 600 -3.42% 342.17 Delayed Quote.-15.21%
STOXX EUROPE 600 NR -3.42% 752.64 Delayed Quote.-13.59%
SVENSKA HANDELSBANKEN AB -2.51% 73 Delayed Quote.-27.65%
SWEDBANK AB -3.41% 140.36 Delayed Quote.0.65%
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Stoxx Europe 600 Technical Analysis Chart | MarketScreener
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Technical analysis trends STOXX EUROPE 600
Short TermMid-TermLong Term
Top / Flop STOXX EUROPE 600
CONVATEC GROUP PLC 191.4 Delayed Quote.3.52%
ANDRITZ AG 29.82 End-of-day quote.2.05%
DELIVERY HERO SE 97.32 Delayed Quote.1.67%
BANK OF IRELAND GROUP PLC 1.982 Delayed Quote.1.33%
CD PROJEKT S.A. 331 End-of-day quote.-9.09%
SOPRA STERIA GROUP 102.8 Real-time Quote.-12.06%
ALTEN 67.45 Real-time Quote.-12.80%
CANCOM SE 34.08 Delayed Quote.-13.19%
ROLLS-ROYCE HOLDINGS PLC 87.3 Delayed Quote.-60.14%
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