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European shares inch lower on doubts over COVID-19 vaccine

Published 05/20/2020, 03:18 PM
Updated 05/20/2020, 03:20 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 20 (Reuters) - European shares headed lower on Wednesday
after a downbeat session on Wall Street, as doubts over a
potential COVID-19 vaccine reignited fears about the slow
recovery from a looming global recession.
The pan-European STOXX 600 .STOXX dropped 0.3% by 0708 GMT
in its second day of fall, with banks .SX7P , telecoms .SXKP
and travel & leisure .SXTP sector stocks leading the decline.
Wall Street indexes fell more than 1% overnight after a
media report questioned the validity of the results of U.S.
drugmaker Moderna 's MRNA.O coronavirus vaccine trial that had
sent stock markets soaring on Monday. In a bright spot, shares of British retailer Marks & Spencer
MKS.L jumped 5.2% after saying that it would accelerate its
latest turnaround programme as it dealt with the fallout from
the coronavirus crisis and reported a 21% fall in annual profit.

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