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Coronavirus restrictions, SAP slump knock European stocks

Published 10/26/2020, 04:17 PM
Updated 10/26/2020, 04:20 PM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 26 (Reuters) - European stocks sank on Monday, as Italy
and Spain imposed fresh restrictions to control a resurgence in
coronavirus cases, while shares in German heavyweight SAP
slumped 20% after it cut its 2020 outlook.
The pan-European STOXX 600 index .STOXX tumbled 1.2% by
0809 GMT, with risk appetite globally sapped by worries over
U.S. stimulus progress and presidential election.
The German DAX .GDAXI dropped 2.7% to hit a three-month
low after software company SAP SAPG.DE abandoned medium-term
profitability targets and cautioned that its business would take
longer than expected to recover from the pandemic. The wider tech index .SX8P slumped 5.8%.
Europe became the second region after Latin America to
surpass 250,000 deaths on Saturday, according to a Reuters
tally, as many Southern European countries reported their
highest number of COVID-19 cases in a single day. Italy on Sunday ordered bars and restaurants to close by 6
p.m. and shut public gyms, cinemas, while Spanish Prime Minister
Pedro Sanchez announced a new state of emergency. Milan's blue-chip index .FTMIB dropped 1.5%, even as
ratings agency Standard and Poor's upgraded Italy's sovereign
outlook to stable from negative.

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