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Defensives drag down European shares from 4-month highs

Published 07/22/2020, 03:31 PM
Updated 07/22/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
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July 22 (Reuters) - European shares slipped on Wednesday as
investors turned their focus back to earnings reports and a
surge in coronavirus cases, after an EU-wide debt deal sent the
region's markets to four-month highs in the previous session.
The pan-European STOXX 600 .STOXX was down 0.3% by 0722
GMT, easing from its strongest close since March 5.
Defensive sectors led Europe lower, with healthcare .SXDP ,
utilities .SX6P and consumer companies .SX3P among the
biggest drags, with media .SXMP , down 1.0%, falling the most.
Investors took cheer from European Union members reaching a
deal on Tuesday over a 750-billion-euro ($864.68 billion)
coronavirus recovery fund, while hopes are also high that
Washington will deliver a new round of stimulus.
Swiss engineering firm ABB Ltd ABBN.S rose 2.4% after
saying its order situation could improve in the coming months.
French car parts maker Valeo SA VLOF.PA fell about 5%
after it swung to a 1.2 billion euro loss in the first half of
2020, after production was hit due to the pandemic.

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