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European shares drop as Powell fans recovery fears

Published 05/14/2020, 03:25 PM
Updated 05/14/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 14 (Reuters) - European shares retreated on Thursday as
comments from U.S. officials fanned concerns of a prolonged
economic downturn due to the coronavirus outbreak, while
investors eyed the prospect of a second wave of infections
fearfully.
The pan-European STOXX 600 .STOXX slid 1% by 0715 GMT,
falling past a one-week low hit on Wednesday after the Federal
Reserve Chair Jerome Powell warned of a recession worse than any
since World War Two, and called for additional fiscal spending.
Automakers .SXAP , technology .SX8P and banking .SX7P
stocks led declines, with TeamViewer TMV.DE down 6.3% after
private equity firm Permira sold shares worth 1.03 billion euros
($1.1 billion) in the German software company. Airbus AIR.PA slipped 1.6% following a report that the
aerospace group is exploring restructuring plans involving the
possibility of "deep" job cuts, industry sources said.
In contrast, pan-European exchange operator Euronext
ENX.PA gained 5.1% after reporting a 55% jump in quarterly
revenue, partly driven by the heavy trading in March which has
propped up profits for some banks and brokerages.

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