Jump in Europe virus cases hits shares after sharp weekly rally
Reuters
Published Nov 13, 2020 08:25
Updated Nov 13, 2020 08:35
(Reuters) - Europe's benchmark stock index fell on Friday, setting up to end its second straight week of gains on a glum note, as surging coronavirus cases compounded fears of the damage to the bloc's economy in the coming winter months.
The pan-European STOXX 600 (STOXX) was down 0.3% by 0805 GMT after jumping earlier this week on optimism around a working COVID-19 vaccine. The index has gained about 12% in the past two weeks, also buoyed by hopes of calmer global trade under U.S. President-elect Joe Biden.
France's CAC 40 index (FCHI) lost 0.1% as Prime Minister Jean Castex said there would be no immediate easing of a second COVID-19 lockdown, with the number of hospitalisations now higher than at the peak of the first wave.
The energy index (SXEP) led declines, falling 1.4% with banking (SX7P) and travel stocks (SXTP) also dropping more than 0.8% in early trading.
In company news, French power group EDF (PA:EDF) fell 0.3% after reporting a decline in third-quarter revenue as the COVID-19 pandemic sapped electricity demand and weighed on nuclear energy output in France.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.